What is a LPA Receiver?
An LPA Receiver (also known as a Fixed Charge Receiver) is someone engaged by a lender who holds a fixed charge over a built asset. The LPA Receiver is appointed to administer the fixed change over a building. More often than not the LPA Receiver is engaged at the time of selling the asset or collecting the rent. The main purpose of appointing an LPA Receiver is to enable a situation where an outstanding debt can be recovered/repaid to a lender.
Note: A fixed charge is put in place to safeguard the repayment of a debt and is attached to an asset such as land, property etc. The most common example of a fixed charge is a mortgage whereby a house cannot be sold without the lender’s permission as the debt has not been paid off. The owner of the asset will therefore require approval from the lender or pay off the debt in full to enable them to sell the asset.
The powers of an LPA Receiver were originally created under the Law of Property Act 1925 and are limited by current standards.
LPA Receivers are relatively specialist and require prior experience. A LPA Receiver should be registered under RICS Registered Property Receivers and may also be Fellows of The Association of Property Fixed Charge Receivers.
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The purpose of LPA Receivers is to act in the role of an agent for the borrower. Although their obligations are often to the lender, an LPA Receiver has a duty of care to act in the interests of both parties. The role of the LPA Receiver is to take control of an asset and manage it on the behalf and for the advantage of a lender. This may mean that the LPA Receiver arranges the sale of the asset and re-distribution of the income, or to adequately manage the distressed asset to bring about as advantageous financial outcome as possible.
The LPA receiver acts on the behalf of the lender and the borrower cannot give the receiver any instructions or have them removed. The process often concludes with liquidation of the company/borrowing party as often there is a minimal amount of assets remaining once the lender has been paid. THis can result in individuals being left bankrupt.
