Receivership is an insolvency process driven by a secured lender, typically a bank. The bank will as part of its lending agreement retain the right to appoint an Insolvency Practitioner (IP) as a receiver to get its money back from the company.
Receivers have wide powers – they can sell the business, trade the business on, sell the assets or part of the assets of the company, or shut it down entirely.
Since a change in the law in 2002, banks have been using receivership less and less. Statistics now show Administration as the principal insolvency process for the banks when they want to recover their lending.
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