NEW HWBC & ALLSOP FIXED CHARGE RECEIVERSHIP JOINT VENTURE

HWBC and the UK based Allsop have combined to form a 50:50 joint venture company that will provide a dedicated fixed charge receivership for the Irish market. This will combine the unrivalled receivership experience of Allsop with the local property management expertise and knowledge of HWBC.

Appointing a chartered property surveyor as a fixed charge receiver has to date been a relatively rare occurrence in Ireland. In the UK however they have become the preferred choice of property lenders. By using HWBC Allsop in property receiverships as opposed to an insolvency practitioner, it effectively allows the process to be dealt in the hands of property experts without the necessity (and cost) for an insolvency practitioner to act as a conduit according to Brendan Egan, a director of the new company.

Allsop was founded over 100 years ago and operates from four offices in the UK.

The Allsop insolvency team was established in 1990 and are the leading ‘Fixed Charge Receivers’ in the UK. The team is run by Simon Davidson and Jon Gershinson.

They are retained by many of the large UK financial institutions’ and recently acted in the receivership of the Kings Reach Tower Building on the South Bank of the Thames which was sold for stg£60 million. Allsop are also the largest sellers of auction properties (both residential and commercial) in the UK. Their current receivership instructions in the UK include 3 shopping centres, a 30,000 sq m distribution centre, a 20 unit business park, an office building in London, various development sites and a former residential school/country house on a site of 25 acres.

The combined service will provide active management of property assets while the appropriate strategy is devised and implemented to realise the maximum value of the distressed property.

For further information go to www.hwbcallsop.ie