The appointment of a receiver is one of the formal enforcement options typically available to lenders who have security over property assets situated in England and Wales. The receiver's job is to realise those assets and use the proceeds to discharge the debt due to the mortgagee.
The receiver's primary function is to ensure payment of the debt owed to the mortgagee, usually by way of sale of the charged property. The process is not for the benefit of creditors as a whole and there is no statutory moratorium during this process.
This briefing from Nabarro provides a short summary of receivership and covers some of the most frequently asked questions.