Although Receivership is merely a method of enforcing a security, it is in practice always treated as a form of insolvency procedure. A Receiver, as the name implies, is a person who is granted the legal right to receive and dispose of property belonging to others for the benefit of the secured creditor. A Receiver and Manager has the additional power to manage and trade with the company’s assets.
Although there are different types of Receivership, the most common type is one that is appointed by a secured creditor, usually a lending institution, under the powers contained in the debenture/loan document.
O’Brien & Co. can advise and assist directors of a company facing a Receivership situation.
Paul O'Brien also accepts appointments to act as Receiver or Receiver and Manager in this type of corporate insolvency.