What is appointed by the holder of a fixed charge over land in case of default?

When a holder of a fixed charge over land experiences a default by the borrower, the appropriate action is to appoint a fixed charge receiver. The fixed charge receiver is a trustee who is given the authority to manage and exploit the charged asset for the benefit of the charge holder, typically to recover the owed debts.

This appointment provides a mechanism for the charge holder to take control of the property, which is essential to safeguarding their interests and ensuring that they can recover the funds owed to them. The fixed charge receiver has specific powers, such as the ability to sell the asset or collect rents, which are crucial in maximizing the value of the charged property.

The other choices relate to different aspects of insolvency and debt management but do not apply specifically to the context of a fixed charge default situation. An administrative receiver, for instance, is appointed in a broader insolvency context and primarily focuses on managing the entire company rather than just the charged asset, whereas a company voluntary arrangement is a formal arrangement involving creditors that aims to allow a company to continue operating while repaying debts. A statement of affairs is a document required in insolvency proceedings detailing a company’s assets and liabilities, but it does not entail the actions of appointment in a default scenario.