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:
The statutory powers conferred on an LPA/fixed charge receiver are very limited and so for a receiver to exercise the duties which his appointing mortgagee requires of him, the LPA/fixed charge receiver will need to rely on express powers contained in the mortgage deed.
The statutory powers conferred on the LPA/fixed charge receiver are set out in s 109 of the Law of Property Act 1925 (LPA 1925).
The powers are rather limited. LPA 1925, s 109(3) states that the LPA/fixed charge receiver shall have power to demand and recover income from the property over which they are appointed and to obtain receipts. Under LPA 1925, the LPA/fixed charge receiver can also exercise any powers which may have been delegated to him by the mortgagee. It should be noted that:
any action to recover outstanding income can be taken in the name of the mortgagor or the mortgagee and further that the receiver shall be deemed to be an agent of the mortgagor only
the LPA/fixed charge receiver’s ability to collect and recover is limited to such income deriving from the property over which the LPA Receiver is appointed
the LPA/fixed charge receiver has the ability to exercise any powers delegated to him by the mortgagee pursuant to LPA 1925. It is submitted that this would mean that all the powers conferred on the mortgagee
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