This is the name of the legal process whereby a lender attempts to recover the balance of a loan from a borrower who is in default. The lender will take possession of the assets pledged as security (normally real estate or machinery and stock) under Fixed, First and Floating Charges (see above) and sell them and account to the borrower for any surplus.
If the debt is owed by a limited company it would be normal for the lender to appoint an Insolvency Practitioner (see above) to take charge of the company in some way eg as Administrator, Receiver or Liquidator (see above).
Bob Cory
Modified on 12/09/2019 at 09:14:36 by ℗ Bob Cory