Registered Property Receivers' SchemePublished on: 6th July 2017
Property recovery work is a specialist area of insolvency, albeit, not subject to Government regulation.
The Registered Property Receivers’ Scheme has been devised as a joint initiative between NARA (The Association of Property & Fixed Charge Receivers), the RICS (The Royal Institution of Chartered Surveyors) & the IPA (The Insolvency Practitioners Association) so as to introduce independent regulation. Scheme members are required to adhere to voluntary codes of practice which means that lenders borrowers and other stakeholders can be confident that there is structured regulation.
NARA, RICS & IPA have re-launched the scheme so as to provide more robust governance structures than previously existed and ensure that high standards are maintained. The revised scheme introduces some important changes which should increase transparency and reassure stakeholders. Key aspects of the existing scheme are retained, such as entry examination, requirements for ongoing education, and monitoring. All Registered Property Receivers will be monitored by the IPA, and a new website will carry information about the standards applicable to their work www.registeredpropertyreceivers.org
Daniel Hardy, partner in our Leeds office has been very actively involved in his former role as Chair of NARA in liaising with the RICS & IPA which has resulted in the successful implementation of the agreement. He has specialised exclusively with property recovery work for over 25 years comments; “The re-launch of the joint initiative between NARA, RICS & IPA will provide reassurance and confidence to lenders, borrowers and other stakeholders that there is a robust scheme with independent regulation. A Receiver acts impartially and the appointment of a Receiver can be an excellent, efficient and cost effective means of realising a debt which is secured over a property asset”.
Sanderson Weatherall has 4 NARA / RICS qualified Receivers and deals with Receivership work throughout the whole of England & Wales and also specialises in Repossession / Eviction, Sale as Mortgagee, Assisted Sale and also in providing Valuation & Strategic Advice in relation to a diverse range of properties; including, commercial industrial, development, residential agricultural and trading concerns.
For further advice in relation to property recovery work please contact Daniel Hardy – Tel 0113 221 6092 or e-mail firstname.lastname@example.org