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...

Termination of LPA or Fixed Charge Receiverships: Removal, Resignation, Discharge, Companies House Filings and Post-termination Duties (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

A note on terminology

Under the Law of Property Act 1925 (LPA 1925), the holder of a legal mortgage may appoint an LPA receiver in two circumstances:

when the mortgage monies fall due, and
after a demand for payment is made in accordance with the mortgage terms

Alternatively—and more typically—the right to appoint arises under the provisions of the charge itself. In either scenario the appointee is often described as a Fixed charge receiver (although, in the latter case, they are not technically an LPA receiver, the label is still commonly used in practice).

Lack of statutory provision

There is no legislation that sets out how an LPA/fixed charge Receivership should be brought to an end. As the Authority to appoint an LPA/fixed charge receiver derives from the legal charge, once that charge is discharged the receiver’s office ends and no further powers remain. A mortgagee may, however, by deed of appointment, remove an existing LPA/fixed charge receiver and name a replacement. There is also no statutory mechanism permitting an LPA/fixed charge receiver to resign. If an LPA/fixed charge receiver wishes to step down, they must do so with the consent of the appointor mortgagee. If such consent...

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Web page updated on 22/05/2026

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