HomeInsolvency practitionersReceiverships

Our team at FWJ have first-hand experience of acting in numerous administrative receiverships prior to the changes brought about by the Enterprise Act in September 2003.  Whilst administrative receiverships have effectively been replaced by out of court administrations, LPA or fixed charge receiverships are still very much a tool available to lenders in circumstances where perhaps an administration may be regarded as excessive in certain circumstances.

Francis Wilks & Jones is renowned as a firm of choice by both secured lenders and insolvency practitioners when it comes to the creation and enforcement of security, by having a thorough understanding of the pitfalls and challenges that a receiver may encounter.

As a firm, we sits on the panel of various well known secured lenders, particularly in the asset based lending industry.

Being able to guide receivers through the process from

  • carrying out pre-appointment security reviews;
  • ensuring that the appointment process is effective against any challenges; and
  • providing legal guidance during the course of the receivership

is vital to minimise potential challenges from borrowers who face the risk of losing a valuable asset charged to the lender.

There can be a fine line between the independence of a receiver and the duty owed to their appointing lender and most commonly the challenges that we see are ensuring that the receiver has complied with his or her duty to obtain the best possible price at the time of sale. All offers must be properly considered and proper valuations carried out to avoid such challenges, particularly by those who may be further impacted by larger exposure under personal or cross corporate guarantees due to significant shortfalls which could have been avoided by accepting the best offer.

FWJ’s experienced team can also assist and advise receivers on the sale of charged assets and prepare all sale documentation and ensuring that the position of the receiver is at all times protected.


Should you require any advice or assistance, please do contact one of our friendly team who will be more than happy to assist.

Key contacts

Rebecca Robinson

Rebecca Robinson

Senior Associate

Barry McGouran

Barry McGouran

Associate

Tim Francis

Tim Francis

Partner

Contact us in confidence