Blog 09.04.18

Receivership and security: what it means to work with us.

When LPA receivers are instructed, we’re often not far behind. This article explores why we’re many receivers’ security partner of choice. 

If a business is not able to cover its financial outgoings, such as rent or payroll, it can potentially enter administration and be put into receivership by any parties that hold fixed charges or mortgages against its assets. One of the key responsibilities of receivers is to safeguard an insolvent business’s property and help its creditors claim back some of the debt due.

Vigilance is instructed by many LPA (Law of Property Act) receivers across the country, as we are highly experienced in safeguarding the assets and property that form part of a receivership appointment. Property, in particular, can be vulnerable to squatters, vandalism and theft, especially if it’s vacant and the company’s insolvency has been well publicised.

Receivers appreciate that Vigilance is prepared to step in at very short notice, sometimes at a very early stage of their own instruction, and ensure the necessary security measures are in place for a robust, and insurance compliant, protection of the asset.

Working with Vigilance involves a number of stages - a journey - which ensures we’re providing the most complete security service possible. Firstly, we listen carefully to your situation and issues, then evaluate your requirements, because every case is different. Next, we make recommendations based on your needs and budget, creating a bespoke security proposal we’ve considered from every angle.

Once that’s agreed, we quickly implement our security measures, getting everything in place as efficiently as possible to minimise your exposure to threat and risk. But we won’t rest on our laurels. The next stage is to evaluate our service, continually checking we’re delivering what we proposed, bearing in mind your situation is likely to change over time. And when that happens we’re ready to evolve, adjusting our provision as things change so that we’re never caught on the back foot.

When called in to protect a property in receivership, there is a complete suite of professionally accredited services we can provide from our Security Fundamentals range, to Guarding and our specialist Security in Residence; 

- Carry out a full assignment risk analysis to evaluate the likelihood of common threats, like trespass, intrusion, damage or theft. When we’re conducting our assessment, we’re your advance party, reporting on any pre-existing issues and recommending mitigations to save future time, money and effort.

- Securing the property from the risks we’ve identified. Protections can include physical security installations like fencing or barriers, supporting systems security like alarms or CCTV, and our putting highly trained SIA licensed personnel on site. In fact, security in residence is one of our cornerstone services, and offers an extremely high level of protection that represents great value for the receiver.

- All measures that may be required by a property insurance policy, ensuring your due diligence duties are met, and that you are indemnified against any subsequent damage.

- Safeguard asset value by protecting its state of good repair, and maintaining it in a saleable condition, with the required vacant possession essential to all receiverships.

- Provide around the clock on site assistance and competent management capability during both occupation and vacancy to support our receiver customers.

“Having been appointed as LPA Receivers over a half-finished residential development in Surrey it was essential for our insurance and peace of mind that we had an adequate security presence. Vigilance met us on site within a few days of being appointed and we decided that the best strategy for us would be their live in Ghurkha Security Guards. The guards were very well experienced and knew their roll from the start. Any issues we had were reported directly to us and if action was needed, further support was sent from Vigilance the same day. Once the development was finished and some apartments sold we changed to a daily Porter service, which again was organised through Vigilance. From start to finished the service Vigilance offered was professional, prompt and catered to our specific needs for this appointment.”

Joint LPA Receivers – JLL

Of course, each receivership is different so there’s not a one-size-fits-all approach. All our services are bespoke, and any security recommendations draw on our years of experience; we know what it takes to get the job done, and you can rely on us to do it right, do it well, and do it quickly. Whatever the task we’re proud to protect, all you need to do is give us a call on 0203 416 5340. 

Vigilance are co-sponsoring this year’s NARA conference at the historic Haberdashers’ Hall in London on May 17th. If you’re attending, why not get in touch before and please make sure you find us on the day and come and say hello.

Find out more.