Corporate recovery
It is arguable that fixed charge receivership has been unregulated since the introduction of the Law of Property Act 1925.

The result of this has been that little or no protection existed to protect the interests of lenders, creditors or other shareholders.

Anybody could be appointed as a fixed charge receiver, operating totally outside the scope of the Insolvency Act 1986, leaving potential for defrauding lenders and other creditors.

An unprecedented step was taken when RICS and the Insolvency Practitioners Association, professional bodies representing two quite distinct disciplines, formed a joint scheme to accredit professionals who carry out fixed charge or Law of Property Act receivership work.

The scheme for the voluntary regulation of Fixed Charge Receivers proved to be a great success. Indications are that a number of leading banks will now only consider appointing those who are prepared to be regulated by their peers.

The scheme has been further enhanced by the recent addition of the ACCA.

Members of the Scheme are listed in the Directory of Registered Property Receivers which has been widely circulated within the industry to ensure that lenders now have access to competent and experienced professionals.

Find an RICS Fixed Charge Receiver

 The larger the scheme becomes, the higher its profile and the distinct possibility that those who were not prepared to be regulated will be effectively excluded from the bulk of the market.

How do I join the scheme?
Entry to the scheme is by way of examination and annual registration fee. Further information on the scheme can be obtained from:

Fixed Charge Receivership Scheme
RICS
12 Great George Street
Parliament Square
London
SW1P 3AD
UK

T +44 (0)870 333 1600
E fcrs@rics.org.