The process of seizing and realising charged property in accordance with the Receiverships Act 1993 (RA 1993). Most receivers are appointed by a security holder under a contractual right contained in a security agreement, but can also be appointed by the court. The appointment of a receiver takes the management and control of the property in receivership out of the hands of its owner and places it in the hands of the receiver.

(The RA 1993 has been amended to implement a new licensing and regulation regime for receivers, see the Insolvency Practitioners Regulation Act 2019 and the Insolvency Practitioners Regulation (Amendments) Act 2019. The new licensing and regulation regime commenced on 1 September 2020 (with a one-year transition period for individuals to apply for licensing)).

For more information, see Practice note: overview, Receivership (private appointments).