If your company enters into receivership, a receiver, or receiver and manager, is appointed over some or all of your company’s assets. Usually a company goes into receivership when a secured creditor who holds security over the majority or all of the company’s assets appoints a receiver.
What is it?
A receiver’s role is to sell assets for the benefit of the secured creditor, such as a bank, so if your bank tells you that it is about to bring in the receivers, this is your cue to call someone like Corporate Guardian. There is no time to think about what you may do to get out of the situation – you need to act now.
A receiver will sell assets for the best price they can get within the market and the money raised goes towards paying the company’s debt to the bank. Receivers do not try and restructure the company, they just sell the assets. A receiver is appointed to work for the interests only of the appointer or bank.
What you need to do
Receivers are appointed either privately by a bank or by the Court. If a receiver has been appointed to deal with your company, call us so we can work with them to provide the best possible outcome for you.
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