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Wouldn't the risk here be that someone buys the flats and the freehold from the administrator of the bankrupt freehold company?
Sounds like it. Presumably an administrator would be appointed who would then sell off the assets of the freehold company in the most 'appropriate' way - this might be bulk lot of freehold and leases at auction but I couldn't see that realising anything near the actual value of the place if the leases were sold on the open market.
But that takes time and is a massive administration headache.
Howard
Wouldn't the risk here be that someone buys the flats and the freehold from the administrator of the bankrupt freehold company?