Service: Value Recovery | Sector: Residential
To recover proceeds from a non-performing loan secured by a vacant residential development site. The site had been sold but subject to staged payments and the purchaser defaulted on the payments. The vendor exercised its right to appoint fixed charge receivers over part of the site to recover the due payments.
We were appointed as fixed charge receivers over this property. The property had to be quickly secured as it was vacant and was attracting unwanted attention from a variety of directions. The property had to be held while a boundary dispute was resolved, and a planning brief negotiated with the local authority. During that time the receivers managed to generate some income by selling materials (scrap metal) and arranging hirings for filming and other such uses.
The property was sold with a price close to that outstanding being recovered.