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Receivership is usually instituted by a Secured Lender such as a bank or other financial institution upon default of the debtor on a floating charge.

Secured Creditors would normally appoint a Receiver/Manager to act in their interests, possibly to trade on the business and market it as a going concern. If this is not possible, the Receiver/Manager would sell the assets to maximise the return to the Secured Creditor.

We have extensive experience acting as a Receiver/Manager for a number of multinational banks.