The “Receiverships Under Charge” Solution

Home > The “Receiverships Under Charge” Solution

Who would be interested in Receiverships?

You would be a creditor holding a fixed and floating charge as security over the assets and / or undertaking of a company.

The charge will have been validly registered with ASIC under the Corporations Act and has been in existence at least 6 months. Usually the terms of the loan by the Debtor will have been breached by the Debtor and you are not being repaid the monies you are due and communication between you and the Debtor has broken down.

There must have been default under the terms and conditions of the charge.

What a Receiver can do for you

The Receiver takes possession of and secure the assets subject to your charge. The Receiver makes a commercial assessment as to the best way of realising these assets to ensure your debt is repaid and the interests of all stakeholders are protected as much as possible in the circumstances.

The Receiver then conducts the sale whilst maintaining security of the assets.

What you should do if you find you need a Receiver

You should collect all of your correspondence with the Debtor as well as the loan documentation and the charge.

You should see your solicitor who will ensure that there has been default and if not construct a default for you usually by serving an appropriate demand for repayment of the monies you are owed.

Your solicitor will them approach an appropriately qualified insolvency practitioner to see if they will consent to such an appointment.

Why Clout & Associates?

We are in the area where the assets exist. As a result we can move quickly and inexpensively to take possession. Where it is necessary to trade on a business for sale, we are there so the costs of controlling the sale are reduced.

We operate in the region where the assets need to be sold so we know what it takes to sell the business and whether a sale as a going concern is an option.

We have been in the game for decades and we know the ropes.

To discuss your options click here for our contact details.

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Morgan James Chubb

Chartered Accountant Registered and Official Liquidator Registered Trustee 38 years in Insolvency... Read more

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