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LPA RECEIVER
Law of Property Act 1925 receiver: a person (not necessarily an insolvency practitioner) appointed to take charge of a mortgaged property by a lender whose loan is in default, usually with a view to sale or to collect rental income for the lender. Common in the case of failure of a property developer, whose borrowings will largely be secured on specific properties.
LEIN
Right to retain possession of assets or documents until settlement of a debt.
LIQUIDATION
The procedure whereby the assets of a company (or partnership) are gathered in and realised, the liabilities met and surplus, if any, distributed to members.
LIQUIDATION COMMITTE
Committee of creditors who receive information from the liquidator and sanction some of his actions.
LIQUIDATOR
The person appointed to deal with the assets and liabilities of the company or partnership once the resolution to wind up has been passed or a compulsory winding up order has been made.
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If you can't find the term you would like more information about or you have a question you can reach us on our contact page or on 0800 071 1616.
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