What’s more, we provide total transparency over our costs from the start and give regular updates until a case is resolved.
The Law of Property Act (LPA) Receivership process exists to ensure that lenders can recover their debt on a defaulted property loan by appointing a receiver as soon as it can be shown indisputably that a borrower isn’t making repayments. The process effectively gives control of a property to the receiver.
CG&Co’s Receivership team knows precisely what needs to happen to ensure that a borrower has received all necessary notifications while simultaneously securing and assessing buildings. We then take every possible step to market and sell that property for its maximum value to get the outstanding debt repaid.
If a property’s rented – either commercially or residentially – CG&Co take over the collection of rent on a lender’s behalf while simultaneously instructing agents to market and sell the premises. Where the value of a property is linked to a trade – such as licensed premises, hotels, care homes and petrol stations – we’ve excellent relationships with management companies who successfully trade these on our behalf until a buyer is found. Similarly, CG&Co has substantial experience of working with contractors to complete part-built developments to ensure that their value is maximised prior to the sale.
On those occasions when there’s sufficient equity in the property to repay the lender in full, any remaining equity is always returned to the borrower.
THERE has never been a more important time for lenders and brokers to adopt a proactive yet carefully considered approach towards Property Receivership. We’re all living – and working – through what the history books will one day describe as the “COVID-19 era” and we’re becoming increasingly aware that we’re traversing truly uncharted territory.
The COVID-19 pandemic has resulted in various changes to the way the whole of the United Kingdom and its businesses operate. While it may feel like everything is on hold, there are steps that certain lenders can take when it comes to enforcement. We have highlighted these in our COVID-19 Guide for Lenders.
CG&Co has established its own in-house legal team to ensure it consistently provides clients with the most comprehensive and responsive service. The firm, specialising in insolvency and property receivership, has appointed, Amy Crighton as its first in-house solicitor.
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CG&Co is a trading name of
CG Recovery Limited, a company
registered in England and Wales
under company number 08249691
1 Booth Street,
Tel: 0161 358 0210
Fax: 0161 358 0211