Insolvency Practitioner
FAF International a trading style of First Title Insurance plc, who underwrites the policies and offers insurance which guarantees the legal ownership of distressed real estate or mortgage assets from losses arising from the absence of representations and warranties.
This insurance enables the disposal of distressed real estate assets following an accelerated due diligence process. This allows the transaction to be completed within the shortest possible time span, before it can be overtaken by rapidly changing market conditions.
Our legal indemnities were used to facilitate a high-profile purchase of Dawnay Day's UK portfolio of 221 commercial assets.
Shay Bannon, business restructuring partner at BDO Stoy Hayward, said: "Working in a professional and commercial partnership with First Title Insurance plc added a new dimension to this transaction. Using insurance enabled us to present these assets to prospective purchasers with the benefit of certain title, which would otherwise have been unavailable. We will definitely consider title insurance in all future sales of distressed assets, and would recommend First Title as our insurer of choice. Their speed of response and the flexibility of its products were first class."
By offering FAF International's policy as part of the overall proposition, the insolvency administrators made the sale of the property portfolio more attractive to the purchaser who had protection for any known or unknown risks associated with the assets.
The premium is an allowable expense in the costs of the insolvency so the insurance is provided free to the buyer and their lender.
FAF International is able to deliver these services and benefits to firms operating throughout Europe.