The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
In answering this Q&A we have limited our research to cover the position under English law. In conducting our research we have focussed on the duties of LPA/fixed charge receivers.
The purchaser is concerned that after completion, the receiver will walk away leaving him to deal with an aggressive borrower—does the proposed purchaser have any remedies, including, for example, can the proposed purchaser insist:
that the receiver pursues criminal proceedings against the borrower?
on an injunction against the borrower?
that the receiver deals with the aggressive borrower?
Section 101(1) of the Law of Property Act 1925 (LPA 1925) contains the ability for a mortgagee to appoint a receiver, who will be responsible for collecting income and protecting property over which they have been appointed. The right to appoint a receiver under LPA 1925 arises when the mortgage monies become due (LPA 1925, s 101(3)).
The statutory powers conferred on the receiver are set out in LPA 1925, s 109. These statutory powers are limited, so most legal mortgages extend the powers of the receiver under LPA 1925, s 101(3) (Sheppard & Cooper v TSB Bank). A well-drafted mortgage will seek to enlarge the scope of the receiver's powers to allow him to do virtually everything that his appointor could do as mortgagee in possession. The purpose of granting such express powers
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