An Act of Property Law (LPA) receivership is a type of receivership that involves the reclamation of property, usually following a business debt that has been secured with some form of real estate.
If a creditor has not received payments from your firm due to cash flow problems, then they have several courses of action open to them. When it comes to debt that has been secured with property, such as ownership of your business premises, for example, it is legally possible for it to be reclaimed by issuing what is known as a fixed charge. In short, a fixed charge is a means of taking possession of a property through the receivership process. Importantly, this process can be conducted before a company becomes insolvent.
LPA receiverships are usually conducted by lawyers or surveyors acting on behalf of the creditor. If your business faces an LPA receivership – or thinks that it might do so soon – then you can turn to Salient Insolvency to help you make the right decisions about what to do next. If you are behind with your mortgage payments for your business premises, for example, then now would be a good time to talk to us to help you take action before other options are no longer viable. We’re here to help all businesses no matter how large or small their debt may be.