If you are a creditor and have a floating or fixed charge which was entered into before 2003 you may be able to enforce your charge by appointing a receiver to manage the affairs of the company. This may well result in the sale of the company’s assets and the company eventually being liquidated.
Usually a last resort the aim is to pay the creditor who has the benefit of the charge. Banks and institutional lenders tend to have the right to appoint receivers if the company does not repay money owed.
At Hart Brown we will discuss with you the effects if a receiver is appointed and what if anything you can do to help your company through difficult times.