Appointing a receiver enables secured creditors to protect their interests in the assets that constitute the security and, if necessary, to realise those assets to satisfy the debt owing to them.
Receivership involves the appointment by the secured entity (normally a financier) of a person known as a receiver whose job is to raise funds from within the company to repay the financier. This may lead to liquidation particularly if the secured assets form a significant part of the business.
A receiver may be appointed by or under a deed or agreement or by the Court.
Appointment will usually take place on the occurrence of certain events specified in the debenture or deed. Debentures normally set out fully the events that will allow the debenture holder to appoint a receiver, or a receiver and manager.
Our aim as receivers is always the same - to protect the interests of the secured creditor and ensure that debt is repaid as quickly as possible.
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