CRG Insolvency and Financial Recovery has become an associate member of the Bridging & Development Lenders Association (BDLA), bringing additional expertise in distressed property assets and secured debt recovery to the trade body.
The independent practice works with lenders, creditors, investors and professional advisers across the UK, handling insolvency, receivership and financial recovery assignments.
Its services include fixed-charge and Law of Property Act (LPA) receiverships, property and construction administrations, distressed development sites, refinancing and consensual property sales.
CRG has been involved in recovering more than £150 million of distressed and non-performing debt.
The appointment broadens the BDLA’s associate membership, which brings together professional services firms supporting the bridging and development finance sector alongside its lender members.
Adam Tyler, chief executive of the BDLA, says: “Managing distressed loans and property assets is an important part of the lending cycle, particularly in a market where circumstances can change quickly and lenders need access to the right expertise when they do.
“CRG brings experience across insolvency, receivership and property recovery, and that perspective will add to the range of expertise within our Associate membership.
“Bringing lenders together with the professional firms that support them is an important part of the BDLA’s role, helping the sector share knowledge and develop best practice across the full lifecycle of a loan.”
Arabella Ranby-Gorwood, insolvency practitioner, property specialist and receiver at CRG Insolvency and Financial Recovery, says lenders should consider the available options before pursuing formal enforcement proceedings.
She says: “By the time a lender approaches an insolvency practitioner or receiver, there can be an assumption that enforcement is the inevitable next step, but that’s not always the case. Refinancing, new investment, completing a development or agreeing a consensual sale can sometimes protect more value than moving immediately to a formal process.
“Joining the BDLA gives us the opportunity to share our experience with lenders and to learn from others across the market.
“The best outcomes in distressed situations tend to come from identifying the available options early, understanding the underlying asset and bringing the right specialists together, and we look forward to contributing that experience to the Association.”
The BDLA represents bridging and development lenders and engages with regulators, policymakers and other industry stakeholders on issues affecting the specialist property finance market.
