Implications of a bankrupt freeholder?

Hello, does any one know the implications for myself and 4 fellow leaseholders of the freeholder of our lease being declared bankrupt and his affairs now being under administration by insolvency agents?

Our buildings insurance is up for renewal in April. We have a management company, initially instructed by the freeholder, but they have not been able to get his agreement to go ahead with next year’s service charge – or, for that matter, to accept the ground rent.

Any idea what happens next?

Or what to do?

All the leaseholders have our own landlord insurance (not structural) – what are the implications if the building itself is not insured?

Thank you,

Simon

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