Undertakings from receivers – a reminder
The Conveyancing Committee reminds practitioners of its practice note published in the January/February 2019 Gazette (p59) in relation to receiver contracts, and specifically in relation to accepting undertakings from receivers.
Practitioners are reporting to the committee that they are encountering long delays by receivers in some cases in complying with their undertakings. In those circumstances, the committee’s view is that the client could consider reporting the delays to the appropriate regulatory body for the professional who gave the undertaking, or the client could consider issuing proceedings to compel compliance. In relation to sales by lending institutions, the committee is of the same view in relation to complaints to the Central Bank about a bank and/or issue of proceedings.