Receivership forces a company which is in debt to obey the original loan agreement contract between it and its lender.
The lender will appoint a receiver to collect funds on their behalf. However, if there’s no money available, they may choose to release a business’s assets to repay debts that are owed.
Although it is mainly banks that have used this method to recover debt owed to them, receivership can also be used as a last resort procedure for other lenders.
Avoid Going into Receivership
We understand how the threat of receivership can take your company out of your control during what will already be a very stressful situation.
At Gibson & Associates, we can help you avoid going into receivership. Our highly experienced team of insolvency solicitors will explore alternative solutions that will better protect your company’s assets.
We’ll work to help your business secure a debt repayment method that focuses on the success of your business – as well as the repayment of your debt.
Talk to our experienced business finance team today. Get in touch and we’ll get back to you within 3 hour or less.