Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bankruptcy definition

What does Bankruptcy mean? Bankruptcy is the formal insolvency process for individuals who cannot pay their debts. It halts most enforcement, vests the bankrupt’s estate in a trustee, and realises assets and surplus income for creditors until discharge. In England and Wales, under the Insolvency Act 1986, a debtor applies online to the Adjudicator for a bankruptcy order; creditors petition the court. The Official Receiver acts as trustee unless an insolvency practitioner is appointed. Discharge is usually after 12 months; income payment orders/agreements can run up to three years; bankruptcy restrictions orders may extend restrictions. Scotland uses sequestration under the Bankruptcy (Scotland)...

Receivers’ agency on mortgagor insolvency: effects on status, personal liability, mortgagee risk and HM Land Registry practice for fixed charge, LPA and administrative receivers (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

A Receiver commonly operates as the Mortgagor's agent in collecting income and in disposing of the assets in respect of which that receiver has been appointed.

This Practice Note considers the effect of Bankruptcy or Liquidation on the position of the receiver as agent of the mortgagor, and the consequences of a receiver losing that agency in that capacity in practice.

The receiver's status is important because it affects:

the potential liability of both the receiver and the appointing mortgagee for acts carried out by the receiver, and for omissions by the receiver to do those acts
how any documentation is structured, ie whether the receiver enters into an agreement as principal, or as the mortgagor's agent

Where the receiver cannot act as the mortgagor's agent, they will either act as principal or, less preferably from the mortgagee's point of view, as the mortgagee's agent, in such circumstances as applicable.

For an explanation of the different types of receivers, see Practice Note: Receivers appointed by statute, including LPA receivers...

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Web page updated on 21/05/2026

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