Nowadays, administrative receiverships are uncommon – they can now only be made where a secured creditor, such as your bank, had registered a floating charge against your company prior to 15 September 2003.
Such appointments are only made by the secured creditor.
Live Recoveries can advise you if a secured creditor is contemplating appointing an administrative receiver to your company.
Fixed Charge Receiver (or ‘LPA’ receiver)
A fixed charge or Law of Property Act receiver can be appointed by a secured creditor who holds a specific charge containing that power of appointment over one or more of the company’s assets, if the company has breached the terms of its borrowing.
The appointment only covers the realisation of the charged asset, usually a property, and ancillary income, such as rent.
Live Recoveries can advise you if a secured creditor is contemplating appointing a fixed charge or LPA receiver to one or more of your company’s assets. You will need advice and guidance on how to deal with any uncharged assets and with the Company itself as these will be outside of the receivership appointment.
From IVA’s to bankruptcies, Live Recoveries has all your personal financial recovery solutions covered. Find out more about how we can help.