Receivership is the process by which the holder of a Floating Charge is able to appoint an Insolvency Practitioner to run the affairs of a company which has got into difficulties or defaulted on the terms of the charge.
Since the Enterprise Act 2002 came into force, the ability of charge holders to appoint a Receiver are now substantially curtailed and usually Administration will be the preferred option. There are, however, still a large number of companies where this is still possible and with MacRoberts' position of having a Licensed Insolvency Practitioner in the Group, we are able to provide advice to charge-holders, the company, its directors and to potential purchasers.
Where the insolvency company has substantial assets outwith the UK, there may be particular reasons why receivership, even if competent, may not be appropriate. Having advised on or conducted hundreds of cases, we are able to draw on our expertise to provide solutions for clients.