Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fixed charge definition

What does Fixed charge mean? A fixed charge is a security interest over specific, identifiable assets. The chargor cannot sell or otherwise deal with those assets (or their proceeds) without the charge holder’s consent, and the security attaches on creation. In England and Wales and Northern Ireland, case law (notably Spectrum Plus) distinguishes fixed from floating charges by looking at control and the chargor’s freedom to deal; free dealing usually means a floating charge. In Ireland, similar principles apply, supported by case law and the Companies Act 2014. Fixed charges are commonly taken over land, plant and machinery, shares, intellectual property and receivables (often...

Law of Property Act (LPA) and fixed charge receivers in England and Wales: statutory and delegated powers (including sale), duties, liabilities and practical management issues (LPA 1925, s109)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Powers—general

The statutory authority given to an LPA/Fixed charge Receiver is quite restricted. Therefore, to perform the functions required by the appointing Mortgagee, the LPA/fixed charge receiver must rely on express powers contained within the mortgage Deed.

Statutory powers

The statutory powers of an LPA/fixed charge receiver are found in section 109 of the Law of Property Act 1925 (LPA 1925), and are limited in extent. Under LPA 1925, s 109(3), the receiver is authorised to demand and collect income from the property over which they are appointed and to provide receipts. In addition, under the LPA 1925 the LPA/fixed charge receiver may exercise any powers that have been delegated to them by the mortgagee...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...