Receivership meaning

This Checklist should be read in conjunction with the Practice Note: Block transfer orders—the law and practice. Read this Checklist alongside the Practice Note: Block transfer orders—the law and practice. There are three principal scenarios that necessitate a block transfer of office-holder appointments: where an office-holder dies on the retirement of an office-holder from practice where an office-holder is otherwise unable or unwilling to continue in office. This may happen if an office-holder moves firms, or loses their licence to practise as a result of regulatory action The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 12.35–12.38, govern applications to the court for the block transfer of cases from one office-holder to another. The block transfer application process applies to the following types of appointment: compulsory liquidation (winding up by the court) voluntary liquidation (both members’ voluntary liquidations and creditors’ voluntary liquidations) administration bankruptcy voluntary arrangement (both company voluntary...

A note on terminology The Law of Property Act 1925 (LPA 1925) allows a mortgagee holding a legal mortgage to appoint an LPA receiver: when the mortgage monies fall due; and after issuing a demand for payment under the mortgage terms. This power may instead (and more commonly will) derive from the terms of the charge. In either case, the appointee may be described as a fixed charge receiver (in the latter scenario they are not an LPA receiver, though in practice they are still frequently referred to by that label). Checklist and timescale In practice, many LPA/fixed charge receiver appointments are made at speed, yet it remains essential not to overlook the fundamental requirements for a valid appointment. This Checklist outlines the matters an LPA/fixed charge receiver should verify before and after appointment, how to obtain the appointment, and the timescales within which specified steps must be taken. For further detail on when an LPA/fixed charge receiver may be...

Introduction, documentation and searches This Checklist is for use by a solicitor acting for a chargeholder who intends to appoint a fixed charge receiver in relation to property (land or buildings) owned by a company registered in England. It is prepared on the assumption that the asset subject to the charge is registered land located in England. The Checklist may likewise be used by a lawyer when assessing and reporting on the validity of the appointment of a fixed charge receiver. Definitions The following definitions apply in this Checklist: Chargeholder means the secured party seeking to appoint a receiver under the Charge granted by the Company pursuant to the security documentation. Company means the company that has granted the Charge in favour of the Chargeholder. Charge means the security by way of legal mortgage granted by the Company in favour of the Chargeholder under which the receiver is to be appointed...

Direct Investments Ltd (a company in receivership incorporated in the British Virgin Islands) v Mittal-Goenka [2026] EWHC 460 (Comm) What are the practical implications of this case? This ruling illustrates that a party cannot sidestep an earlier case management direction by claiming circumstances have shifted, or by repackaging the order of issues, simply by altering its stance at all. Where the court has ordered particularisation of foreign law, that requirement stands unless successfully appealed or varied. A litigant who pleads foreign law but does not pinpoint the precise principles relied on risks being barred from pursuing the argument at all. The court further made clear that FS Cairo (Nile Plaza) LLC v Brownlie [2021] UKSC 45 neither dispenses with proper pleadings nor permits postponement of particularisation. In practical terms, once foreign law is put in play, it must be stated with clarity, and any case management order addressing it is binding unless and until it is formally reconsidered. What was the background? The claimant, Direct Investments...

In this issue: Key R&I law developments Corporate insolvency procedures Creditors’ involvement Property insolvency Directors and insolvency Insolvency litigation Restructuring Daily and weekly news alerts New content Key R&I law developments Navigating UK sanctions in bankruptcy proceedings—the Hellard decision (Hellard V OJSC Rossiysky Kredit Bank) The High Court issued guidance to the trustees in bankruptcy of a Russian individual on issues arising under the Russia (Sanctions) (EU Exit) Regulations 2019. Given the potential for serious criminal and civil penalties, any action taken in an insolvency that touches on actual or suspected sanctioned parties is a high‑risk area for officeholders. The court confirmed that trustees would not breach UK sanctions by permitting sanctioned entities to engage in the bankruptcy process, prior to any distribution, as creditors—this expressly covers voting in creditors’ decision procedures and taking part in, and voting on, the creditors’ committee. See News Analysis: Navigating UK sanctions in bankruptcy proceedings—the...

Altrad Investment Authority SAS and others v Protopapas and others [2025] EWHC 2470 (Ch) What was the background? This dispute centred on Cape Intermediate Holdings Ltd (CIHL), an English company that previously engaged in asbestos extraction and is now within the Altrad group. In 2021, a claim was brought in South Carolina by Ms Isabella Park against numerous defendants including Cape Plc, and CIHL was later joined as a defendant in November 2021. On 6 March 2023, an application for receivership was submitted to appoint a receiver over CIHL, predicated on the alleged US presence and activities of North American Asbestos Corporation (NAAC), a dissolved CIHL subsidiary. The receivership order was granted on 16 March 2023 without a hearing, naming Mr Peter Protopapas as receiver. In reliance on that order, Mr Protopapas brought third‑party proceedings in June 2023 within distinct South Carolina litigation (the Tibbs Proceedings), advancing claims against several Cape group companies and Altrad entities. Both the receivership and the third‑party claims rested on a contention that...

This Practice Note sets out the principal tax considerations where creditors move to enforce security over the assets of a distressed company or corporate group. Related Practice Notes in this series address tax issues concerning: acquisitions of distressed debt, and debt restructurings (ie waivers, debt/equity swaps or renegotiations) In addition, Tax and distressed debt—checklist of points to consider distils the main tax points to bear in mind when dealing with distressed debt in general. This Practice Note reviews the enforcement routes open to creditors of troubled businesses and the consequences that may follow. For a detailed look at the loan relationships provisions on debt releases, see: Loan relationships—impairment and debt releases Loan relationships—impairment and debt releases: connected companies Types of enforcement As explained in Practice Note: Tax and distressed debt—debt restructurings, lenders will frequently engage in a restructuring of a distressed group’s debt to help the underlying business continue. Enforcing security over a borrower’s assets...

The official receiver (OR) is designated as trustee in bankruptcy (trustee) or as liquidator to manage and investigate every bankruptcy and court-ordered winding up, including those of partnerships. The Secretary of State or the creditors may, in place of the OR, appoint an insolvency practitioner (IP) to act as trustee for personal insolvencies or as liquidator for corporate cases. Under the Insolvency Regulations 1994, SI 1994/2507, as amended (the Regulations), the OR or IP, as appropriate, is obliged to pay into the (ISA) any funds they receive while administering all bankruptcies and compulsory liquidations. Before 1 October 2011, sums from voluntary liquidations could also be lodged in the ISA; now, only unclaimed dividends in a voluntary liquidation may be paid into the ISA. Likewise, unclaimed dividends arising in an administration or an administrative receivership may be paid into the ISA once the company has been dissolved. The Regulations also permit payments out of the ISA for disbursements, expenses and distributions to creditors and, in a liquidation, to contributories, or, in...

This Practice Note examines the role of fixed charge receivers from a Jersey standpoint. As there is no fixed charge receivership process in Jersey, it focuses on how Jersey law interacts with English fixed charge receiverships in the circumstances below: security granted by Jersey companies under English law over property located in England; and security constituted under Jersey law over property located in Jersey Security created by Jersey companies under English law over property situated in England In broad terms, the Jersey courts will recognise a charge validly granted by a Jersey company over collateral outside Jersey where a non-Jersey governing law has been properly chosen, which is usually the law of the place where the collateral is located. However, certain aspects of a non-Jersey law charge created by a Jersey company remain governed by Jersey law, applying private international law principles derived from English common law. These matters include the company’s existence, its capacity and corporate authority to enter into the...

1 Individual 1.1 Individual or sole trader party designation clause [ insert full name of party ], trading as [ insert trading name ], of [ insert address ] (the [ insert defined term for party ]). 1.2 Individual signing Executed by [ insert individual’s name ] at [ insert place ] on [ insert date and month ] 20[ year ] ................................................. Signature of [ insert individual’s name ] witnessed by: ................................................. Full Name (Witness) ................................................. ................................................. ................................................. ................................................. Address ................................................. Signature of Witness 1.3 Individual signing by Power of Attorney Executed for [ insert individual’s name ] by [ insert Attorney’s name ] [ his OR her ] attorney under Power of Attorney dated [ insert date of Power of Attorney ] at [ insert place ] on [ insert date and month ] 20[ year ] ................................................. Signature of [ insert Attorney’s name ] witnessed by: ................................................. Full Name (Witness) ................................................. ................................................. ................................................. ................................................. Address ....................................................

date [ date ] Parties [ name of Seller ], in administrative receivership [ and also in liquidation ], incorporated in England and Wales (company registration number [ number ]), whose registered office is at [ address ] (Seller), acting through [ any one of ] its [ joint ] administrative receiver[s], [ name of (first) receiver ] (Insolvency Practitioner) [ of [ address ] OR [ and [ name of joint administrator ] (Insolvency Practitioner) [ both ] of [ address ] ] ] (Receiver[s]) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Buyer) 1 Definitions For this Agreement, the terms below shall mean: Actual Completion Date — the day when the Transfer is in fact completed; Buyer’s Solicitors —...

This Deed is dated [ insert date ] 20[ insert year ]... Parties [ Insert name of Chargor ], a company incorporated in England and Wales with registered number [ insert company number ], whose registered office is at [ insert address ] (the Chargor); and [ insert name of Lender ] of [ insert address ] (the Lender ). Recitals The Lender has agreed to make a loan facility available to the Chargor on the terms and conditions set out in the Facility Agreement (as defined below). As a condition precedent to the availability of that loan facility, the Chargor must enter into this Deed to provide security in favour of the Lender in respect of the Secured Obligations (as defined below)...