Security Enforcement and Receivership
A secured creditor has a number of options when looking to enforce security.
It may be as straight forward as taking the collateral in satisfaction of the debt, or as complex as an operating receivership pursuing a going-concern sale of a business. Our team provides experienced advice on not only the best options to pursue but also how to pursue them efficiently and effectively, with a view to maximizing returns.
Receiverships can arise in many contexts. Typically, they are commenced by a secured creditor seeking to enforce its security. A receiver may be appointed under contract, in which case the receiver’s mandate is prescribed by the underlying agreement. Often, however, a receiver is appointed by the Court on an application under the Bankruptcy and Insolvency Act, in which case the receiver’s mandate is prescribed by Court order. Normally, the receiver’s mandate includes selling the collateral – either piece-meal or as a going-concern business. We represent debtors, creditors and other stakeholders, helping them navigate the ins and outs of receiverships.