Receivership is where a secured creditor appoints a receiver for to purpose of realising the secured assets of a company for the purpose of paying back the creditors. Receivership can occur at the same time as a voluntary administration or company liquidation.
Regardless of the type of appointment required, it is advisable to speak to a registered insolvency practitioner to assess and advise on the best course of action.
Colin Kidd is a member of Personal Insolvency Practitioners Association of Australia (PIPA) and a member of the Finance Brokers Association of Australia. When considering your options in regard to debt, always seek advice from a professional insolvency, or finance professional involved in the debt and insolvency area of finance. Loan Saver Network have a grounded approach to finance and understands the intricate nature of debt and moving through the debt cycle.