One of the UK’s largest independent property consultancies with a renowned industry reputation for specialist restructuring and recovery services to Insolvency Practitioners (IP) ranging from the “Big Four” through to smaller niche practices.
Often working alongside our Machinery and Business Assets (link?) division, we are able offer an all-encompassing service to our clients across a wide range of asset classes.
We also act as Fixed Charge Receivers for a variety of lenders having taken such appointments for in excess of 25 years - please see Fixed Charge Receiverships below.
We provide advice to our IP clients on both property and machinery and business assets to:
- Supervisors and Trustees
- Fixed Charge / Law of Property Act Receivers (where an IP is appointed)
Our advice will involve an initial appraisal of the assets, be this pre (business turnaround) or post formal insolvency proceedings, and follows through to specialist advice regarding value and, where necessary, relevant disposal strategy to ensure best value is obtained.
Our senior personnel are all RICS Registered Valuers able to provide fully compliant formal valuation advice.
The disposal phase is handled by our Asset Advisory & Recovery teams and involving, where necessary, our Agency specialists.
We pride ourselves on the range of in house disciplines which enhance our client offering – these include:
- Machinery & Business Assets
- Building Consultancy
- Business/Empty Rates Advice
- Town Planning
- Property Management
- Landlord & Tenant
- Leisure property experts
Fixed Charge Receiverships
We frequently accept Fixed Charge / Law of Property Act Receiverships for the following:
- High Street banks
- Building Societies
- Challenger / alternative lenders
- Private individuals
We have four RICS Registered Property Receivers who are each Fellows of the The Association of Property Fixed Charge Receivers (NARA) of which, one of our lead Receivers Daniel Hardy is a former Chairman (2013 – 2015).
Our experience in this area of recovery work is extensive and on a nationwide level. We have taken in excess of 200 Receivership appointments in the past three years covering a number of varying property sectors.
Please see What is a Fixed Charge Receivership for more details in respect of this process.
What is a Fixed Charge Receivership?
Originally a creation of the Law of Property Act 1925 (s101), the powers afforded to a Law of Property Act (“LPA”) Receiver are limited by modern standards and an appointment is usually made under the lender’s fixed charge (mortgage) as well as under the powers afforded by 1925 Act.
The acronym “LPA” is usually adopted as a convenient form of shorthand and is used as such below. The appointment will normally relate to real property but can also relate to items of plant and equipment.
In addition to a formal LPA process there are other exit routes available to secured lenders where we can advise and assist:
- Assisted Voluntary Sales
- Mortgagee in Possession
- Mortgagee not in Possession
- Assistance to Lenders seeking possession
The LPA Receivership process is not complicated and in effect creates distance between the mortgagee and the mortgagor. A Receiver acts as agent for the mortgagor (borrower) and whilst the principal obligations are to the mortgagee (lender), the Receiver has a duty of care to the borrower for proper conduct and to obtain best price at the point of sale.
We are fully aware of the FCA requirement surrounding the fair treatment of customers (TCF) and work with our secured lender clients in adhering to this requirement in each property recovery assignment.