Administrative receiverships process where an Insolvency Practitioner is appointed by a bank or other lending institution which has security for a loan (under a floating charge) under a major part of the Company’s assets. The charge is contained in a document known as a Debenture which will frequently also enclose fixed charges (security over principally land and builders). An administrative receiver is appointed by the bank when they believe that their secured loan is in jeopardy and the Official Receiver is appointed to cover the asset that falls under that security.
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 attended on the company’s premises and 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 this floating charge debenture within four weeks of appointment.