The following Restructuring & Insolvency practice note Produced in partnership with John Hughes of Shakespeare Martineau LLP provides comprehensive and up to date legal information covering:
Receivers have been a recognised in English law as a remedy available to creditors and others wishing to protect their interest in assets since the 15th Century. Vice Chancellor Griffiths stated in a case reported in 1868 that the appointment of a receiver was 'one of the oldest remedies in this land'.
The Law of Property Act 1925 (LPA 1925) contains the ability for a mortgagee to appoint a receiver. The right to appoint a receiver under the LPA 1925 arises when the mortgage monies become due.
A receiver is a person appointed by a mortgagee or by the court whose role is to collect income from and protect property over which they have been appointed.
A mortgagee would appoint a receiver to collect rent or other income from the mortgaged property and/or to manage the property generally, for example to deal with the management and maintenance of the property.
A mortgagee would appoint a receiver if it felt that a receiver with the appropriate expertise could deal with the mortgaged property more effectively than the mortgagee. By appointing a receiver, the mortgagee avoids the risk of being regarded as a mortgagee in possession.
The power to appoint a receiver by a mortgagee under the LPA 1925 is only exercisable in the case of a legal mortgage which is a mortgage which
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