Irish Law provides for several different types of Receiverships including the appointment of a Receiver by the Court.  The most common type of Receiver arises where a secured creditor (usually a lending institution) appoints a Receiver under contractual powers granted by the Company in a Debenture/Charge.  The purpose of the appointment by the creditor bank is for the purposes of realising the assets secured by the Debenture/Charge where there has been a default in the repayments on the loan which was secured.

Receivership is a simple method of enforcing a security.  It is also treated as a form of insolvency procedure

Where there is no power afforded in the Debenture/Charge to appoint a receiver, the alternative for the Bank creditor is a Petition to the High Court for the winding-up of the company.  The powers of Debenture/Charge holder and of the Receiver depend on the document itself, except for a small number of statutory provisions.

On appointment as Asset Receiver, Lyons Solicitors will arrange for the taking into possession of the charged assets, redirect any rental income, manage the sale of the asset and maximise the value of the realised debt for the Bank. Lyons Solicitors offer an all inclusive service to our banking Clients, whereby we will arrange for the taking into possession of the asset on behalf of the bank.  The appointment of a fixed asset receiver on foot of a Debenture is a temporary condition and unlike liquidation does not necessarily lead to the company’s dissolution.  A secured creditor is entitled to be paid its full debt and costs as a first priority in the liquidation/receivership.

We provide tailor-made packages to banking Clients which include fixed cost asset receiverships. Lyons Solicitors specialise in the management of large investment property portfolios and distressed properties.