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Typically, we assume the role of receivers, often termed "receivers and managers," appointed by secured creditors, commonly banks, endowed with the authority to make such appointments.

Receivership by Secured Creditors

In our capacity as receivers, the primary duty is to take necessary steps to maximise the repayment of the secured creditors' debt. This involves selling the company's assets, aiming for the highest possible returns. Often, the optimal outcome is achieved by trading the company and selling its business assets as a going concern.

Duty of Repayment: Asset Management for Secured Creditors' Benefit

Upon the full repayment of the secured creditor's debt or exhaustion of all saleable assets, our role concludes. The management of the company, along with any remaining assets, if applicable, are returned to the directors. Their powers to manage the company are reinstated, effectively marking the end of the receivership, and the company regains control.

Returning Control to Directors

In certain instances, we may be appointed by the court as receivers, although such occurrences are uncommon. In such cases, the court order dictates our duties and obligations concerning various classes of creditors.

Rare Instances of Court Appointments

A company might initiate Voluntary Administration or Liquidation either before or during the course of receivership. In such scenarios, an independent party or parties would assume the role of Administrator or Liquidator.

Interplay with Voluntary Administration or Liquidation

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Receivership

Receivership is a mechanism to take control of a debtor's assets and realise these assets for the benefit of the secured creditor

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