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© 2009-10 Antony Batty and CompanyLicensed Insolvency Practitioners3 Field Court, Gray's Inn, London. WC1R 5EFDesigned by eberlin |
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Property in Hemel Hempstead
Standard Chartered Bank appointed us fixed charge receivers over a property. After a short period of time we sold the property to a connected party and were able to repay the Bank in full.
Apple Mac retail outlet in Brighton
Eurosales Finance appointed us to an Apple computer distributor. We traded the retail outlet for a short period to realise stock and successfully found a buyer for the business. Eurosales recovered their lending in full.
Thames Valley supplier of temporary lighting to building sites
We were appointed as Receivers of this company by Close Invoice Finance who factored the company's debtors. We sold the business to a management buyout team. Close were repaid in full and agreed to fund the new business.
Administrative Receivers are normally appointed by a bank or other lender when a company breaches the terms of its borrowing from a creditor.
This type of receivership (there are others), is an enforcement remedy available to a creditor holding security which includes a floating charge over all (or substantially all) the assets of a company.
An administrative receiver is appointed by the holder of the security, but normally acts as agent of the company over whose assets he is appointed. His principal function is to recover the monies owed to the creditor by whom he is appointed. It is common for an administrative receiver to continue to operate the business, whilst trying to sell it as a going concern.
It will no longer be possible to appoint an administrative receiver under a security instrument created after 15 September 2003. This is part of the Government’s drive to encourage the use of administrations in place of administrative receiverships.
If you have security and are in any doubt whether or not you can appoint a receiver, or whether you should consider another option we will be able to advise you on your options.
