An administrative receivership process where an Insolvency Practitioner is appointed by a bank or other lending institution which has security for a loan over a major part of the Company’s assets. The charge is contained in a document known as a Debenture which will frequently also include fixed charges (security over principally land and buildings). An administrative receiver is appointed by the lender when they believe that their secured loan is in jeopardy.
Sinclair Harris acted for a High Street bank recovering monies due to them under a floating charge debenture. The amount outstanding to the bank was a large six-figure sum. Sinclair Harris took over the running of the company. We acted in a pre-emptive, decisive and “hands-on” manner to ensure the bank was repaid all amounts due under its floating charge debenture within four weeks of appointment.