What is Administrative Receivership?
An Administrative Receivership is a formal insolvency procedure whereby an official is appointed by a court or a lender in order to pay off the firm’s debts, if possible, without liquidating it. However, administrative receiverships can only be appointed where the debenture was created before 15 September 2003, meaning that they aren’t a valid solution in most cases.
The administrative receiver can carry on the company’s business in order to realise the assets comprised in the debenture to repay the secured and preferential creditors.
What is a Law Property Act Receiver? (LPA Receiver)
A Law Property Act Receiver (LPA Receiver) is appointed under the Law Of Property Act of 1925 and has the powers and duties specified in that Act. In addition the receiver may also be appointed by an expressed power of appointment in a mortgage deed, like a fixed charge receiver.
What is a Fixed Charged Receiver?
A Fixed Charge Receiver is appointed under an expressed term in a mortgage deed. The mortgage deed details the powers, duties and remuneration. Typically this is through a fixed charge on an asset such as a property (building or large item of machinery etc.). The receiver will then manage the asset and will act in the interest of the mortgage holder.
Feedback from our customers.
“We could not see any way in which we could save more than 75% of our workforce. We approached Seneca IP who assisted us in the process of Liquidation but also dealt with our staff empathically and in a most professional manner.”
“We could not trust the advice we had received elsewhere and were introduced to Seneca IP. Within minutes of meeting with Mr Hedger we were satisfied that we were in capable, professional hands. The entire team at Seneca saw us through what was admittedly a very tough time, their knowledge and professionalism was second to none and I do not hesitate to recommend them to anyone who finds themselves in the unenviable position we did.”
“I am writing this letter of recommendation to express my sincere gratitude to James Annerson and John Hedger from Seneca IP Insolvency Practitioners for their exceptional help, guidance, and support during my company’s liquidation process. Their professionalism, expertise, and friendly approach made the whole experience much less stressful than I ever thought possible.”
Call 01629 761700 today for a free consultation.
Monday-Friday: 09:00-17:00
Call 01629 761700 today for a free consultation.
E-mail: enquiries@seneca-ip.co.uk
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Monday-Friday: 09:00-17:00
Saturday: Closed
Sunday: Closed
