What Is Receivership Of A Company?
“Receivership” is one way a secured creditor (usually a bank who is owed money) can attempt to collect the money they are owed.
Receivership of a company occurs when a receiver is appointed by a secured creditor to take control of some or all of the company’s assets. In special circumstances, a receiver may be appointed by the court.
A receiver is an independent and suitably qualified person. Their role is essentially to collect and sell enough of the charged assets to repay the debt owed to the secured creditor, pay out the money collected in the order required by law, and report any possible offences or irregularities to ASIC. The receiver’s primary duty is to the secured creditor that appointed them.
What To Expect
- The receiver will collect and sell enough assets to repay the secured creditors debt
- After the raised money has been distributed to the creditors
- Any funds or assets left over are paid to the company or external administrators.
As a Trustee in Bankruptcy, Ross Thomson is often required to think outside the box. As well as creative thinking, Ross brings compassion to the table.
For Ross, it’s important to see the people behind the financial problem –not just numbers.
Ross recently helped a bankrupt client who lives in a retirement village with her seriously ill husband.
The unit she & her husband live in is not owned by them, but subject to a 20-year lease.
The money to be repaid by the management was due only at sale, when the client finally left the retirement village.
Sale of the unit was likely to take several years &, if he did sell the couple’s unit, Ross realised he would be effectively evicting them from their home, without resources or family to help them.
Ross decided to contact the retirement village management & put a proposal to them that they prepay some of the moneys they would otherwise pay the client.
The village management considered the proposal & have agreed to prepay some of the moneys otherwise due.
The client is relieved that she will not be evicted & can now concentrate on helping her husband through his health issues.
The moneys paid represented about 75% of what would have been available to creditors if they waited two years.
It is a win for the client and for the creditors.
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