Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Completion definition

What does Completion mean? In legal practice, Completion is the point at which a transaction is finally effected, sometimes called 'closing' in cross‑border deals: consideration is paid and title, assets or rights are transferred after all conditions precedent are satisfied or waived and the required completion documents are delivered. Not generally defined by legislation, it is a contractual expression used across conveyancing, corporate/M&A and finance, informed by common law. Key features include a completion date/time; completion mechanics (agenda or checklist); execution and delivery of transfers and ancillary documents; release of funds (often against undertakings); and, where relevant, escrow or virtual completion. Completion usually fixes when...

Completing unfinished developments by fixed charge/Law of Property Act receivers: powers, funding, light-touch administration, warranties and DevCo options (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

This Practice Note examines whether a receiver may undertake building works and, in particular, whether the receiver can finish a development left incomplete at the date of appointment. It identifies a range of points the receiver should evaluate before moving ahead with any works and deciding whether to proceed.

For ease when considering these issues, and to streamline the discussion, it is assumed that:

the developer is a corporate mortgagor of the property; and
the mortgagor procures works in the usual way by appointing a building contractor and a professional team of architect, engineers, quantity surveyors and others (collectively, the Professional Team)

References to the mortgagor include, where appropriate, the mortgagor acting through the receiver. A receiver in this context means a fixed charge receiver or a Law of Property Act receiver.

Receiver’s powers to carry out building works

Before a sale is completed, a receiver’s statutory powers under the Law of Property Act 1925 (LPA 1925) are confined to collecting rent and insuring the property (the latter only at the written direction of the mortgagee who made the appointment). Accordingly, the receiver will need to consider carefully:

the powers bestowed upon

...

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Web page updated on 21/05/2026

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