Appointing a Fixed Charge Receiver (FCR) is a remedy of a secured creditor where available under the terms of its security.
A Fixed Charge Receiver (FCR) may be appointed over specific assets by secured creditors with a fixed charge. This is a relatively cost-effective way of securing recovery in certain distressed situations and the ability of a lender to separate the fixed assets from any floating charge elements of the security is often a crucial aspect of the Appointment.
The FCR will consider an appropriate strategy, taking into account the status and occupancy of the property, as well as any issues that may be detrimental to its value and that could be overcome. There is also a duty to safeguard and manage the property and the FCR will insure against the usual risks and be accountable for receipts and outgoings.
Assets subject to a Fixed Charge Receivership can often be complex and involve underlying issues and it is important to appoint someone who is suitably experienced and who will take responsibility for resolving difficult issues whilst realising the maximum potential value of the secured asset.
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