If a company fails to pay debts due to secured creditors, those creditors may appoint an administrative receiver who will take over the management of all or part of the company.

The receiver will sell assets, and possible the whole business of parts of it as going concerns, in order to recover the money owed creditors (and the costs of the receivership).

The receiver must be an insolvency practitioner, with the same authorisation required to act as a liquidator.