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In relation to real property there are two relevant types of receiver: a receiver appointed by the holder of a fixed charge and an administrative receiver. An administrative receiver is appointed by the holder of a floating charge and has extensive powers to manage the company over which it is appointed. In relation to a floating charge granted after 15 September 2003, the right to appoint an administrative received has been severely curtailed. Fixed charge receivers, also known as LPA receivers, have more limited powers in relation to the asset charged only.
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Leasing or buying from a heritable creditor in possession (Scotland)—checklist Title When taking a lease or buying from a heritable creditor in possession, the title deeds should include: • the original or a certified copy of standard security under which the heritable creditor purports to have title • evidence that the power to enforce the standard security has arisen (ie a default has occurred and calling up procedures have been followed), see Practice Note: Enforcing standard security—Scotland The standard security will be registered against the title to the property, but you should also check that it: • has been registered at Companies House • has been properly executed, see Practice Note: Execution of documents under Scots law and Registers of Scotland—guidance on execution of documents in counterpart • contains provision to allow the heritable creditor to call up and sell or lease Most standard securities will contain an express power to enforce on the occurrence of specified events of default, but if this is not the case, a power to...
Enforcement receivers in confiscation—checklist Appointment of Receivers The Crown Court may appoint a receiver in respect of realisable property of a defendant who is subject to a confiscation order on the application of the prosecutor if a confiscation order is not satisfied and is not subject to appeal.  The receiver may be given the following powers in relation to the realisable property: • power to take possession of the property • power to manage or otherwise deal with the property, subject to hearing representations from those holding it • power to realise the property, in such a manner as the court may specify, subject to hearing representations from those holding it • power to start, carry on or defend any legal proceedings in respect of the property Where the defendant’s realisable interest in the property is disputed It is not necessary for the property to be the proven realisable property of the defendant (see eg Re Smith). Where there is a contested claim as to who holds...
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Roles, powers and duties of administratorsThe core of an administrator's role is to achieve one of the three purposes of the administration set out in the Schedule B1, paragraph 3 to the Insolvency Act 1986 (IA 1986). In doing this an administrator acts for all creditors, not just the person that appointed them. An administrator can be appointed by court order or out of court by filing of certain forms at court. For more information on administration, including its purpose and effect, see: Administration—overview.The role, powers and duties of an appointed administrator are set out in IA 1986 and the Insolvency Rules 2016, SI 2016/1024 (IR 2016). An administrator's powers and duties are set out in IA 1986, Sch B1, paras 45–8.An administrator acts as an agent for the company. They therefore do not assume personal liability for any contracts they enter into while acting as administrator, although out of prudence most contracts signed by an administrator will be stated to be without personal liability.For more information about the roles,...
This Practice Note discusses the advantages and disadvantages of taking a floating as opposed to a fixed charge, predominantly from the perspective of the chargee.Why is it important to understand the advantages and disadvantages of floating charges?In practice, it is common for lenders on secured lending transactions to take fixed charges over non-fluctuating assets of a company and a floating charge over any remaining assets. This approach enables a lender to maximise the key advantages conferred by both types of charge. Fixed charges (where available) provide better recovery on enforcement, while taking a ‘qualifying floating charge’ provides a lender with the ability to appoint an administrator out of court and enables it to take security over a wider pool of assets.However, the precise security package over a company’s assets is frequently subject to negotiation with the borrower. In particular, the borrower may resist granting the kinds of controls over its assets which are necessary for a fixed charge to be created. It is therefore important for lenders to be aware...
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Special administration—witness statement in support of application for special administration Applicant [NAME OF WITNESS] First Witness Statement Date: [] Exhibit [XX1] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [COMPANY & INSOLVENCY LIST (ChD)] OR [IN THE COUNTY COURT AT [INSERT LOCATION]] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE] [CHANCERY DIVISION] OR IN THE MATTER OF [INVESTMENT BANK NAME] AND IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 AND IN THE MATTER OF THE INSOLVENCY ACT 1986 _________________________________________ WITNESS STATEMENT OF [WITNESS NAME] ___________________________________________ I, [witness name], director [and chairperson] of [investment bank name] of [investment bank address] WILL SAY AS FOLLOWS: 1 I am [a director and] [the chairperson] of [investment bank address] with company number [company number] (the Company). The Company is a wholly-owned subsidiary of [insert details], a company incorporated in [location]. It is in...
Licence to use photographs This Agreement is made on [insert date] (the Commencement Date) between the following parties (each a party and together the parties): Parties 1 [insert licensor name] a company incorporated in [England and Wales] whose registered number is [insert company number] and whose registered office is at [insert registered office] (the ‘Licensor’); and 2 [insert licensee name] a company incorporated in [England and Wales] whose registered number is [insert company number] and whose registered office is at [insert registered office] (the ‘Licensee’). Background (A) Licensor is the proprietor of the Photographic Works. (B) Licensor wishes to license the Photographic Works to Licensee and Licensee wishes to receive the same on the terms of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 Definitions In this Agreement: Affiliate • means any entity that directly or indirectly controls, is controlled by or is under common control with, another entity; Control • means that a person owns directly or indirectly more than 50% of...
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How can a director of a private company with Table A articles be removed due to lack of mental capacity if regulation 81 of the Companies (Tables A to F) Regulations 1985 has been excluded? Can the director be removed pursuant to the Companies Act 2006 or the Mental Capacity Act 2005? The articles and Companies Act 2006 The Companies Act 2006 (CA 2006) does not contain any provisions dealing with the mental incapacity of a director. Such issues should be dealt with in the articles of association of the company. The Precedent: Model articles—private limited company—after 28 April 2013 provides that the mental incapacity will automatically terminate a person’s appointment as a director as soon as a registered medical practitioner who is treating that director gives a written opinion to the company stating that the director has become physically or mentally incapable of acting as a director and may remain so for more than three months (Model article 18). There is no equivalent provision in...
Are there any particular requirements for the appointment of a receiver in family proceedings? Can a receiver be appointed as an interim measure pursuant to Part 20 of the Family Procedure Rules 2010? The High Court and the Family Court have a general power to grant an injunction (interlocutory or final) to appoint a receiver, where it is ‘just and convenient to do so’, and any such order may be made either unconditionally or on such terms or conditions as the court thinks fit (per section 37 of the Senior Courts Act 1981 which applies to the Family Court as it applies to the High Court). The Civil Procedure rules 1998 (CPR) apply in relation to the appointment of a receiver in family proceedings by virtue of Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, 33.22 which provides: ‘Court’s Power to Appoint a Receiver 33.22 Application of the CPR Part 69 of the CPR applies to proceedings under this Part.’ A receiver may be appointed in existing...
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The Insolvency Service has appointed its first crypto intelligence specialist to bolster digital asset recovery capabilities in bankruptcy and criminal cases. Former police investigator Andrew Small has joined the Investigation and Enforcement Services team at a time when cryptoasset cases have surged by 420% over the past five years. In the 2024–25 period, the Official Receiver Service identified £523,580 in cryptoassets across 59 insolvency cases, a dramatic increase compared to £1,436 found in 14 cases in 2019–20. This significant rise underscores the growing importance of digital assets in insolvency proceedings. Additionally, data from the Financial Conduct Authority reveals that seven million UK adults now hold some form of cryptoasset, up from 3.2 million in 2021. This expansion in cryptoasset ownership further highlights the necessity of strengthening digital recovery measures within the insolvency framework.
The Insolvency Service has announced the closure of UK Service Plan Ltd, following an investigation into its trading practices. The company's director, Mohamed Anoir Dhimi, has been disqualified from company directorship for eight years. The investigation revealed the company, which claimed a £2m turnover in 2022, had issued £200,000 in refunds to 740 customers between August 2021 and July 2022. The Official Receiver has been appointed as liquidator following findings of inaccurate record-keeping and potentially false information in Companies House filings.
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