PBL067

savingstream:  I always thought that once receivers were appointed, matters were out of the hands of the borrower and it was too late for them to refinance. 

Is that not correct?

I suppose that's a possibility, but AIUI it doesn't happen that way.  I thought that once the receivers are appointed, they are in charge and their fees become payable.  But maybe SS don't really mean 'appointed'.  Maybe they just mean they've talked to potential receivers, have decided who could do the job if it should become necessary, and have now told the borrower what they've done in the hope that the borrower will magically spring into action and arrange for these loans to be repaid in the next few days.

Maybe SS believe in Santa Claus as well! 

Under normal circumstances once Receivers have been appointed it is theoretically possible to refinance, pay back the creditor and costs, and get the Receiver to withdraw.  In practise this rarely happens simply because any new source of finance will be aware that the previous lender was obliged to take enforcement action.  Once appointed a Company  cannot formally deal with the asset (i.e. issue another charge or sell it) although there is nothing to stop them introducing a new lender or purchaser to the Receiver and coming to some arrangement to get his appointor (in this case Lendy/SS) and his fees paid.  It is highly unusual mainly because this process odes not happen overnight and if a borrower can't get another loan before Receivership it is less likely they will get one afterwards.

The formal process of enforcement is that the lender will isuue a demand for payment because of a breach of loan terms (effectively a notice they are about to appoint a receiver) if the loan is not satisfied within the time stated in the demand they are at liberty to take enforcement action which usually means appointing receivers in accordance with powers within the charge or debenture.  There is still nothing registered at Companies House* so it might be loose wording in the update and it is only at the "demand" stage.

EDIT* The Receiver has 7 days to notify Companies House of his appointment, although in practise this is usually done within a day or two.

It is now over two weeks since SS alleged that they had appointed Receivers in this matter.

So what is it savingstream have you appointed Receivers so incompetent that they break the law in failing to notify the Registrar of Companies of their appointment within 7 days or was the update misleading?

We'll keep our eagle eyes on that update just in case SS removes it, or substitutes it with an alternative message.

The charge on PBL066 seems to be registered to the same borrower company as 67, its covered by

Contains fixed charge.

Contains floating charge.

Floating charge covers all the property or undertaking of the company.

Contains negative pledge

savingstream need to get their house in order; they say that the receivers have been appointed, but no documents have been filed on CH.  I know that there is sometimes a lull for documents to appear on CH, but it is now a month since SS first announced that the receivers were appointed.