Services to Fixed Charge Receivers
The Insolvency, Business Law and Property Teams at Francis Wilks & Jones offer a range of services to Fixed Charge and LPA Receivers.
Appointment and Validity
FWJ can assist you (and your financier client) by preparing a full range of documents to facilitate your appointment including default notices and demand letters, instruments of appointment and notices of acceptance. Where appropriate, we can assist you in agreeing a deed of indemnity with your appointor.
As standard, we will undertake checks to ascertain whether the borrower is already subject to insolvency proceedings and obtain permission for your appointment to proceed if needed. We can advise you about the implications for you of any insolvency practitioner appointed.
Alternatively, FWJ can, at a fixed cost, provide you with an independent verification of your appointment and a validity review of the security should you decide, for reasons for best practice, to obtain this separately. We can also advise you about the powers granted to you pursuant to the legal charge or mortgage deed and about the implications of any priority arrangements in respect of any other charges registered.
Preserving and Realising Assets
Once appointed, FWJ can provide you with strategic advice and assistance to enable you to initially preserve, and then realise the asset over which you have been appointed. We are able to deal with both residential and commercial property as well as chattel assets.
We can help you with the notification requirements of your appointment and aid your communications with the borrower. Where a property is tenanted we can assist you in the collection of rent and service charges, including arrears, where appropriate.
FWJ also has considerable experience in assisting clients add value to assets in order to maximise realisations. We have recently helped clients obtain vacant possession of premises, rectified issues relating to access to land, re-negotiated leases, dealt with planning issues, remedied irregular or redundant Land Registry entries, completed on Compulsory Purchase Orders and preserved alcohol licences, all of which have enhanced our clients’ ability to realise the charged assets. We have also successfully defended an injunction application made by directors of an insolvent company seeking to prevent our client from selling property.
Once a sale has been identified FWJ can assist you with all aspects of the transaction, including drafting agreements, transfers, assignments and leases, dealing with buyer’s enquiries, undertaking relevant searches and obtaining necessary consents.
Why chose FWJ?
We are a friendly, approachable and dynamic law firm that aims to provide clients with high quality advice and commercial solutions. We have a proven track record of results in respect of property matters.
Our team of skilled lawyers have a breadth of experience and knowledge that they are happy to share with you and we can visit your offices to provide your staff with bespoke training.