A person appointed by the holder of a fixed charge ( www.practicallaw.com/0-107-5768) to enforce his security, also known as a fixed charge receiver.
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 over only part of the security provider's property. The powers and duties of a receiver are typically set out in express provisions in the security document. This can be contrasted with an administrative receiver ( www.practicallaw.com/7-107-6364) who is appointed by the holder of a floating charge ( www.practicallaw.com/0-107-5773) over the whole (or substantially the whole) of the security provider's property and whose powers include the statutory powers set out in Schedule 1 to the Insolvency Act 1986 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) .