odds of survival, page-22

CT,

This really does depend on the situation and the co-ownership agreement in place.

If CNP falls over, the administrator must attempt to sell the proportion of the property that CNP owes. I doubt they could force the other interest to be sold, unless the co-owner (say CER) has a clause in the co-ownership agreement obliging it to do so.

Again, the question of first refusal is a variation of the same.

In a way, this may strengthen the position of CNP with the lenders. Try liquidating part-ownership in a few hundred shopping centres where the co-owner has no obligation nor desire to sell their portion.