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Receiver & Manager

What is an appointed Receiver or Manager?

A receivership is a procedure where a receiver or a receiver and manager is appointed over some or all of the company’s assets on behalf of a secured creditor. A secured creditor holds a security interest, such as a mortgage, over some or all of the company’s assets. 

The receiver’s role is usually to collect and sell the secured assets to pay the debt owed to the secured creditor, then pay out the money collected. The appointment of a receiver and manager gives the receiver additional powers to manage the company’s affairs.

 

There are two types of appointments of a receiver or a receiver and manager, which is distinguished by how the appointment is made.  

Privately appointed: Receivers or receivers and managers are usually appointed privately by secured creditors under the powers contained in their security documents.

Court appointed: A court may also appoint a receiver following an application made a secured creditor seeking to protect their interests.   

Oldhams also has experience in acting as agent for the mortgagee in possession.

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