Registered Property Receivership Scheme

What is Registered Property Receivership or Fixed Charge Receivership? 

Fixed Charge Receivership or Registered Property Receivership is a cost-effective means for securing recovery of property in certain distressed situations. It allows the lender, depending upon the nature of the charge or status of the borrower, to secure speedy control of the asset.

What is the Registered Property Receivership Scheme?

The Royal Institution of Chartered Surveyors (RICS), Insolvency Practitioners Association (IPA), and the Association of Property and Fixed Charge Receivers (Nara) have entered into a Memorandum of Understanding  for the Registered Property Receivers Scheme (formerly known as the Fixed Charge Receivership Scheme). The Scheme originated in 1999 with the sole objective of accrediting professionals who carry out fixed charge or Law of Property Act receivership work, in order to offer reassurance on the standard of that work to those making such appointments, creditors and the wider public.

Membership of the Scheme is voluntary, and can only be achieved by those who have proven they have the required skills, knowledge and experience to meet the expected standards. In addition, members are subject to an ongoing risk-based monitoring regime and continuing professional development requirements. Registration under the Scheme is the sole mechanism entitling the Scheme member to the designation “Registered Property Receiver”.

All registrants are required to be a member of a relevant professional body, and Scheme members are subject to the disciplinary processes of the professional body of which they are a member. Adverse monitoring outcomes and complaint allegations arising through the Scheme will be referred to the relevant professional body for any disciplinary action as may be do.

What does the Registered Property Receivership Scheme do?

Registered Property Receivership has been unregulated since the introduction of the Law of Property Act 1925. There was little protection for the interests of lenders, creditors or other shareholders. Anybody could be appointed as a fixed charge receiver, operating outside the scope of the Insolvency Act 1986, leaving potential for defrauding lenders and other creditors.

By accrediting professionals who carry out fixed charge or Law of Property Act receivership work, the Scheme enhances and maintains professional standards, underpins by a robust training programme and compliance regime. By appointing a Registered Property Receiver, lenders, creditors and others can be assured of their competence and conduct.

Become a Registered Property Receiver

For more information about the Scheme and how to apply please visit the Scheme website Registered Property Receivership Scheme or contact the Scheme secretariat at secretariat@ipa.uk.com.