An LPA (Law of Property Act) Receiver is appointed by the holder of a fixed charge to deal with only the specific property assets that they hold a charge over. This is not an Insolvency process and thus is regulated by the Law of Property Act 1925. As a result, the appointee need not necessarily be a qualified Insolvency Practitioner.
An LPA Receivers’ power is restricted purely to collecting in income over the charged property, and they are remunerated on the basis of 5% of realisations.