SERVICES FOR MY BUSINESS
RECEIVERSHIP

OVERVIEW

Receivership is one way a secured creditor (usually a bank who is owed money) can attempt to collect the money they are owed.

A company goes into receivership 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.

Contact us today for expert receivership advice.