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Law of Property Act (LPA) receivers are increasingly being employed by mortgagees as an effective method of protecting their security.
Since the recession and the slump in property values in the early 1990s, LPA receiverships have been used not only in respect of single asset property companies, but also of other businesses. As a result, a number of practical and legal problems have arisen such as: What is an LPA receiver empowered to do? Who can be appointed? What obligations do they have?
These and other questions are answered in this concise yet comprehensive guide to the appointment, powers and obligations of LPA receivers. It deals with the problems likely to be faced in this area, and will prove of great value both to advisors to LPA receivers and those who are appointed.
The relevant sections of the Law of Property Act 1925 and the Insolvency Act 1986 are dealt with clearly. To support the commentary, the author has included checklists, forms and useful addresses. Precedents have also been provided covering deed of appointment, written acceptance, indemnity and extended powers of a receiver.Latest developments in insolvency law, including the Insolvency Act 1994, are covered, making this a reliable source of reference for insolvency lawyers, banking lawyers, chartered surveyors and valuers.