Definitions of walking possession
(UK) the temporary possession of a debtor’s assets taken by a court official until the assets can be sold to satisfy the execution of a charge (=a security interest in those assets)
If you refuse to sign the walking possession agreement, the bailiffs can immediately remove the goods they have seized.
Phrase Bank for walking possession
The most common way bailiffs take legal control of your goods is to write a list of what they have seized and ask you to sign a “walking possession agreement”.
However, ever since the courts have interpreted a walking-possession agreement to grant security rights to a landlord, sometimes even a moratorium has proved to come too late to preserve the tenant’s assets for the benefit of the company’s general body of creditors.
On July 14 HMRC officers visited the premises and took ‘walking possession’ of office equipment worth about £10,000.
Last week HM Revenue and Customs staff took ‘walking possession’ of goods at their offices because the company’s VAT bill had not been paid on time.
Additional Notes for walking possession
walking possession order (noun) What they will be asking you to sign is a walking possession order.