Receiver

A person appointed by the holder of a fixed charge (www.practicallaw.com/A36112) to enforce his security, rather than applying to the courts for compulsory liquidation (www.practicallaw.com/A36359) of the security provider.

The appointment of a receiver by a secured creditor is a contractual remedy, usually without recourse to the courts, and the receiver's primary duty is to the fixed charge holder. A receiver may be appointed for only part of the security provider's property. The powers and duties of such receivers are typically set out in express provisions in the security document. This can be contrasted with the appointment of an administrative receiver (www.practicallaw.com/A35781) by a floating charge (www.practicallaw.com/A36124) holder having statutory powers or a receiver specifically appointed under the Law of Property Act 1925 (also known as an LPA receiver (www.practicallaw.com/9-380-8575)).

For more information on the appointment of a receiver by the holder of a fixed charge, see Standard document, Debenture: Drafting note, Appointment (www.practicallaw.com/3-202-3055).

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