Nara was formed in 1995 by a group of professionals from the property, legal, and insolvency disciplines, concerned at what was perceived to be a lack of standards by some practitioners when undertaking fixed charge or Law of Property Act receivership appointments.
Since that time Nara has introduced written standards, trained practitioners for relevant examinations, provided continuing professional development and worked with stakeholders, inc lenders, borrowers and government as the pre-eminent trade association for fixed charge receivers.
The Association is multi-disciplinary and its membership is drawn from a broad range of professionals including accountants, surveyors and valuers, insolvency practitioners, and lawyers. Its Council is drawn from leading members of the combined professions across the country and their expertise has produced a structure for insolvency work of this type.
The Association has a detailed Code of Practice and Guidance Notes to which all of its members have agreed to adhere. Nara promotes training of members and provides a substantial number of training hours. Nara also publishes a regular e-newsletter and a twice yearly printed newsletter, which is widely circulated not only to members, but also within the banking fraternity from whom it receives the fullest support.
Nara fully endorses the concept of regulation and played a pivotal role in developing the scheme for voluntary licensing of fixed charge receivers. This resulted in a voluntary scheme of registration culminating in a revised Memorandum of Understanding in July 2017 between Nara, RICS and IPA. Under this scheme practitioners are monitored and regulated.
Nara represents members’ interests at the interface with Government, the Department for Business, Innovation and Skills (formerly the Department of Trade and Industry), the Insolvency Service, and other external agencies, and is now firmly established as the leading voice for fixed charge receivers.