A delicate balance of interests: the power of sale and the duty to maximise asset values

Considers the arguments in favour of imposing a statutory duty on mortgagees who exercise a power of sale and on receivers acting in the context of such sales. Reviews case law on the range of receivership duties attaching to a mortgagee exercising the power of sale, including the expansive approach adopted by the Court of Appeal in Cuckmere Brick Co v Mutual Finance and the more restrictive policy followed by the Privy Council in Downsview Nominees Ltd v First City Corp Ltd, highlighting the inconsistencies that continue to exist. Discusses key features of the statutory reforms introduced in Australia, Malaysia and New Zealand and reflects on their influence in the UK.