What Is Receivership?
Receivership is where a secured creditor appoints a receiver for to purpose of realising the secured assets of a company for the purpose of paying back the creditors. Receivership can occur at the same time as a voluntary administration or company liquidation.
We help clients to try and avoid going into receivership if it is possible and in their interests. However, this is not always possible.
Conclusions About Receivership
Regardless of the type of appointment required, it is advisable to speak to a registered insolvency practitioner to assess and advise on the best course of action. There may be steps you can take to protect your interests before going into receivership or avoid it with short term loans such as second mortgage finance, or caveat loans for example.
Colin Kidd is a member of the Personal Insolvency Practitioners Association of Australia (PIPA) and a member of the Finance Brokers Association of Australia. When considering your options in regard to debt, always seek advice from a professional insolvency, or finance professional involved in the debt and insolvency area of finance. Loan Saver Network have a grounded approach to finance and understands the intricate nature of debt and moving through the debt cycle. It is our specialty.