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I was involved in consultations with the Government over the original draft bill - about 75% of it was all about insolvency, because this was perceived as a serious potential problem. At some point it was decided - I can't recall how - that this was too much freight, and the eventual 2002 Act skimped much of the insolvency stuff. I've not done any commonhold work since then, but am mildly gratified (if that's the right word) that the concerns expressed nearly two decades ago were well founded.

Judex Sinenomine's point is surely the simplest way to give legal effect to the practical wishes.