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Receiverships
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Portland has experience of all types of receivership appointments and has the resources to allow it to place a team anywhere in the country at short notice, reflecting the often-urgent nature of this procedure.
Further details about receiverships can be found through this link Receiverships have received a bad press in recent years, particularly from government when drafting the Enterprise Act. They are perceived as giving the secured creditors too much power and being exclusive of the general body of creditors. Whilst some examples can be found where the use of receivership has been unfortunate, in many cases receivership proceeds by consent between the directors and creditor. The procedure has real benefits of speed of appointment and access to the appointer for funding. This makes it a useful tool to save all or part of a business as a going concern, particularly for those types of industries where confidence is key and speed is of the essence. Portland partners have used receivership to good effect as follows.
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This document explains the relevant position only in general terms. We do not intend it to be used as formal advice about a specific situation, for which you should consult with a qualified insolvency practitioner and not rely upon this document. Portland would be pleased to advise you formally and you should contact one of the directors listed to arrange this. Portland regrets it is unable to accept any responsibility to anybody who seeks to rely on this document. |
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