Finance

Receiver Appointment

Overview I The appointment of a receiver is a mechanism for the enforcement of security granted by a company by way of a fixed and/ or floating charge over its assets. The receiver’s powers are set out in the debenture deed.… Read the rest

Receiver Appointment

Property Receivers

Overview The appointment of a receiver is one of a number of means by which a mortgagee can enforce a mortgage. A receiver under a mortgage granted by an individual is often referred to as a “fixed charge” receiver.… Read the rest

Property Mortgages

Overview I Strictly speaking, a mortgage relates to unregistered title. Security over registered title and all post-2009 Act real property security must be by way of a “legal charge” over the borrower’s interest in the property concerned.… Read the rest

Priority

Overview Priority issues arise where a property is mortgaged to more than one mortgagee. The earlier mortgagee usually has prior entitlement to the proceeds of sale of the security in the event of enforcement. The earlier mortgagee has primary rights to enforce the security.… Read the rest

Pre-2016 Procedures

Overview Special considerations apply to taking corporate security, over and above those applicable to taking security from individuals. These considerations arise from the nature of companies, Companies Act compliance and from the ability of a company to grant security over all of its assets and its undertaking.… Read the rest

Post-2016 Procedures

2014 Act & Objects The Companies Act 2014 provides, in effect, that the private limited company, referred to as “an LTD”, is the default form of company. It is possible to elect into the designated activity company regime, which resembles more closely, the pre-2014 Act form of private limited company.… Read the rest

Post-2009 Act Mortgages

Overview The bulk of the Land Law and Conveyancing Reform Act came into force on 1st December 2009. It applies to mortgages / charges executed on and after that date. The Act represented the most significant change in property and mortgage law in over 125 years.… Read the rest

Possessory Security

General It is possible to mortgage or charge movable goods. However, the Bill of Sales Acts impose severe practical restrictions on the grant of security by an individual over goods. A written mortgage or charge of goods must be registered within strict time limits.… Read the rest

Possession Proceedings

Overview If vacant possession is required for the purpose of a sale and the property is not surrendered or possession cannot be obtained peaceably, then a court order for possession will be required. The mortgagee will invariably have a right to possession of the secured property under the mortgage deed where there has been a default. … Read the rest