The property industry’s least-known trade organisation NARA has a new chair and has held its first conference since the pandemic began.
NARA, which represents the interests of many estate agents and surveyors who work as fixed charge and property receivers in addition to their main jobs, is now headed up by Russell Miller from Vail Williams.
Like many trade groups, it was formed following concerns within the sector at what was perceived to be a lack of standards by some practitioners when undertaking fixed charge or Law of Property Act receivership appointments.
Since this work specifically refers to insolvency outside the scope of the Insolvency Act 1986 and the definition of administrative receivers that the Act contains, it was decided to adopt the name Non-Administrative Receivers Association or NARA.
Abbreviated name
Following the Enterprise Act of 2002, which removed the title of ‘administrative receiver’ for clarification, NARA adopted the title ‘Association of Property and Fixed Charge Receivers’ but retained the abbreviated name.
A fixed charge receiver is appointed under a legal charge or mortgage and only has power to deal with and dispose of the charged property – but must adopt the same standards in selling the charged property as a mortgagee exercising a power of sale.
Miller says: “NARA is essential in my view to ensuring that the highest possible standards are maintained by its members, and it is my role alongside the Executive team and Council to keep challenging our conduct, promote the organisation and advance the reach and influence of what we do in the interests of all stakeholders.”
NARA says its membership includes fellows who are Registered Property Receivers, two-thirds of whom are surveyors, while the rest are solicitors and referred to as associates.
Read more about receivership.
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