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Receivership is a unique form of administration that has developed historically largely through case law from the law of contract. Receivership is an administration type commonly applied to corporations, or more accurately, to corporate property, and in practice is usually associated with insolvency. Receivers can take possession and control of any assets secured by the security agreement to pay out the secured creditor; this includes real property. Having professional legal and financial advice from a skilled Commercial Lawyer may be beneficial in this regard. 

One of the most common forms of receivership nowadays is the private appointment of a receiver by a charge or debenture-holder, the power for which arises from a contractual agreement between a lender or supplier and the company, and whose contractual objective is the repayment of moneys owing to the lender/supplier. However, there are also other methods of appointing a receiver such as by appointment by the court.

Depending upon the nature of the receivership, it may include winding up the affairs of the business; distribution of property to a particular person, or among particular persons; especially where the receiver has the power to continue business, an examination of trading performance and financial position. The receiver has duties with respect to bank accounts, accounting records, and entering into possession and taking control of property. Having professional legal and financial advice from an experienced Commercial Lawyer may greatly assist in informing and guiding you through receivership sale of property.

In the matter of taking control and possession of property, then subsequently selling it, the receiver has a number of obligations and procedures that need to be followed. Firstly the receiver needs to ensure that their appointment is valid. After that, they can act on behalf of the property in ceasing assets such as real property. They need to ensure that any rates, council bills, connection services such as for water, electricity and sewerage are properly addressed and paid. In addition, they may need to manage the property to collect income and keep it safe, perhaps even investing the return before distribution takes place. They need to preserve the property and attend to any repairs if necessary for the purposes of realisation and obtaining the best price for the real property. Comprehensive and sound advice from a Commercial Lawyer regarding property sales can be greatly beneficial in this regard.

Whilst performing these duties, they need to deal with any surplus available from the sale of the property to satisfy their secured creditors charge or security. The receiver’s allegiance and priority is first to the secured creditor because they are required to act to benefit them and to protect their contractual rights. However they need to balance this with their obligations with the court to act properly and honestly in their dealings with the assets to satisfy the security creditor’s interest. They also have duties to other stakeholders such as other creditors and third parties. Professional legal advice by a Commercial Lawyer may be advantageous if you are acting in the capacity of receiver in a property sale.

If you would like further information or wish to discuss your receivership matter with an experienced Commercial Lawyer please do not hesitate to contact us by telephone on (02) 9233 4048 or by email to info@navado.com.au. You may wish to book an appointment to see us in our head office in Sydney CBD or at one of our branch offices. Please peruse our "Locations" tab to view a complete list of our branch locations.

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This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

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