The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
There is no express statutory provision in either the Insolvency Act 1986 (IA 1986) or the Law of Property Act 1925 (LPA 1925) dealing with the resignation of an LPA receiver. Nor is there express statutory provisions dealing with the position of the remaining receiver following the resignation of his/her joint receiver. The sections of IA 1986 that refer to joint appointments and whether joint appointees act jointly and severally (IA 1986, s 231) and resignation of office (IA 1986, s 45) refer to administrative receivers and not LPA receivers.
If the instrument under which they are appointed provides for resignation, the LPA receiver can resign by giving such notice as may be set out in that instrument. You should check the terms of the deed of appointment and the debenture/mortgage to confirm whether the LPA receiver is able to resign by giving notice to their appointor (the mortgagee) and if it deals with the position of the joint receiver.
The instrument may be silent on resignation. Without the consent of his
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