Receivership and Insolvency Solicitors
Sometimes a bank withdraws its lending support and appoints a receiver to assess the worth of the company and restructure, possibly selling all or part of the company in order to recoup its investment. The receiver’s aim is to recover the value of the lenders security, and for this purpose the receiver has the power to carry on the company’s trade and realiseits assets. The receiver acts invariably as the agent of the company unless or until it goes into liquidation.
Our experienced team of insolvency experts have successfully acted for those who appoint receivers or the directors of failed businesses in seeking the best outcome for creditors. Although control of the business is lost to the receivers often the directors assist the Receivers to find a buyer for the business and to recover monies due to the business.
Sometimes directors have given personal guarantees to the bank to support the business lending and we are adept at advising them on the enforceability of such guarantees, on acting for them should they wish to purchase the business assets from the Receivers and how to protect their own position.