Administrative Receiverships are normally instigated by a bank or a charge holder who has a debenture that was created prior to 15 September 2003, referred to as a secured creditor. This security is by way of a fixed and floating charge over the assets and the book debts of the company. The institution will appoint an Insolvency Practitioner to protect its interests, usually following a default in the terms of the loan. The directors will lose control of the company and the receiver will carry on the company’s business to realise its assets.
Any of the above can be explained in full by our experienced staff, who are only too pleased to help.
If you have any questions or require further information about the services we offer, please contact us on 01302 342875.