Receivership – the facts explained
The appointment of a fixed charge receiver enables a lender to recover money from a borrower who has failed to meet its obligations under the terms of the loan secured on a property or other fixed assets – usually known as a mortgage. In appropriate circumstances, the process of receivership benefits from being a quicker, simpler and usually much more cost-efficient way of securing recovery that the alternative of appointing an administrator.
The process of receivership is governed by the Law of Property Act 1925 (and in Ireland by the Conveyancing Act 1881). The process is therefore often referred to as ‘LPA Receivership’.
Nara‘s new Guide to Property Receivership, providing further detail on the receivership process and the role of the Registered Property Receiver, is available for download. Copies of the printed document are available for sale from the Nara office firstname.lastname@example.org.