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The Law of Property Act allows for the appointment of a receiver by a secured fixed charge creditor in order to deal with an asset where the terms of the charge have been breached. The assets are usually property, aircraft, machinery or book debts.
Whilst some lenders appoint an estate agent under the LPA Act to realise the asset(s) under their security, this may prove short sighted in terms of the cost effective results achieved through My Insolvency and it’s insolvency specialists. In the majority of cases the savings can prove enormous providing better overall returns.
We have experience in dealing with various issues arising when dealing with:
• Commercial, Industrial and Residential Properties
• Developments and build-outs
• Care Homes
• Licensed Units
You need to look at any building regulations and rental arrears and also any VAT that may be outstanding. You should look into hiring a team of property insolvency professionals as soon as possible. Detailed reports are always required because this allows connected parties clear visibility of how your business is doing. If you fail to maintain these reports it will only make the whole proceedings more complicated.
VAT should always be considered especially if your company becomes insolvent. Speak to our team about your VAT situation because we may be able to minimise the costs associated with irrecoverable VAT.
Come and speak to My Insolvency today about your property insolvency issues and we can help your company to negotiate its way around this potential minefield and possibly avoid the insolvency scenario altogether.