Receiver
A practitioner appointed, often by a secured creditor, to control and realise particular company assets and apply the proceeds to a secured debt.
The receiver's role
A receiver is a person appointed to take control of specified property of a company, commonly by a secured creditor under the terms of its security, and to realise that property for the benefit of the appointing party. A receiver who is also given power to manage the business may be described as a receiver and manager. The receiver acts within the scope of the security and the relevant appointment.
Duties and limits
While receivers have particular legal duties, including in relation to obtaining a reasonable value when selling assets, their core focus is repaying the secured creditor rather than achieving a return for all creditors. This is general information only and not legal or financial advice. The broader process is described at receivership.
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