Scotland and England differ on Important Insolvency issue
Two cases, one English and the other Scots in the last few months have given markedly different outcomes to what happens to property that vested in the Crown when a company is removed from the register when the Company is restored to the register. In England, it revests in the Company; in Scotland it does not.
Given the large numbers of companies that go through the process of being removed without going through a formal insolvency process, we can see that this is something we will see more of.
On 28 September 2015 I made an order on the application of West Bromwich Commercial Ltd, Re ("the Bank") for the restoration of Fivestar Properties Ltd ("the Company") to the Register and its immediate winding up by the Court, also making consequential provision including in particular a decision that in consequence of the restoration a freehold commercial property at Croydon ("the Property") which is registered in the name of the Company and charged to the Bank, is, or perhaps it might be said is again, vested in the Company, notwithstanding the previous dissolution of the Company and disclaimer of the freehold by the Crown. ”
