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 is the only professional association for property & fixed charge receivers. It was established in 1995 with the aims of
- fostering relationships between property and fixed charge receivers and the lenders who appoint them
- liaising between its members and the providers of Registered Property Receivership (RPR) licences
- to provide education and training to maintain the highest standards in the profession
nara members are therefore highly qualified and experienced professionals who deliver focused consultancy services before, during and after receivership.
If you would like further information about receivership nara print several publications for the benefit of receivers, lenders and borrowers which you can access HERE