LPA | Fixed-Charge Receivership
While the property recession might be over developments and property lending can still go wrong.
In these situations, often the quickest and most cost-effective route to recovering the loan is through the appointment of an LPA | Fixed-Charge Receiver who has a range of enforcement procedures available. Some appointments are inevitable, however early engagement can identify problem areas which, if addressed, turn projects around and avoid the need for a formal appointment.
Our experienced Asset Recovery advisor and LPA Receiver, Chris Price, who is both a member of the RICS and Non-Administrative Receivers Association (NARA) has advised lending clients through the property recessions of the early 1990’s and 2008/9 on projects ranging from self-build housing development, let residential portfolios, to film studios.
LPA Receivership appointments
(Debt recovery, fixed charge)
• Development of 20 flats; Wells, Somerset
– on behalf of major bank
• Management & sale of nighclub; Swindon, Wiltshire
– on behalf of building materials supplier
• Management & sale of 39 bed, student complex; Bristol
– on behalf of principle contractor
• Repossession & sale by auction of HMO; Newport, Wales
– on behalf of major high street bank
• Management & sale of film studios; Bridgend, Wales
– on behalf of top 4 accountant
“I have worked closely with Chris on a number of complicated law of property act receivers ships over the last 25 years where results have consistently exceeded the charge holders expectations “ – Andrew Glynn; Senior Partner, TLT solicitors
A summary of the options available to the lender that will secure the recovery of the debt These reports are produced prior to a formal appointment having met with the borrower and undertaken an inspection of the property(ies).
A service that can apply where the borrower agrees with a course of action with the plan monitored by PACT. Where the borrower is able to meet agreed benchmarks a formal appointment may be avoided, however, we are in a position to step in as LPA receivers should the need arise
Formal appointments can be made quickly in the event the lender / borrower relationship has broken down. The LPA Receiver will manage and sell the property to recover the debt
LPA Receivership Appointment – Student Development, Bristol
LPA Receivership, on behalf of Principal Contractors, for a new 39 bedroom student complex in Bristol
A referral from Thrings solicitors, Bristol
Chris recently acted as LPA Receiver in respect of a substantial client debt incurred in the construction of student accommodation in Bristol. This was a complicated case however a full recovery was made with the Receivership being handled in a most professional manner