The following Restructuring & Insolvency Q&A Produced in partnership with Natalie Brown of Radcliffe Chambers provides comprehensive and up to date legal information covering:
The power to appoint a receiver of specified property is a statutory incident of a charge and is a method of enforcement of the security. Property comprised in a bankrupt's estate is so comprised subject to the rights of any person other than the bankrupt (section 283(5) of the Insolvency Act 1986 (IA 1986)). The court has no power under the IA 1986 to stay the enforcement of his security by a secured creditor of the bankrupt (IA 1986, s 285(4)).
Accordingly, the mortgagor’s right to appoint a receiver takes priority over the trustee in bankruptcy’s (trustee) rights in administering the bankruptcy.
As a trustee you can and should, however, satisfy yourself that:
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