The new, fully updated edition of this practical book provides guidance to lenders who have made loans on the security of real property and who are contemplating enforcing this security. The book is a practical guide to advisors of such lenders, clarifying the roles, rights and responsibilities of parties to the transaction and making clear what options can be taken and how they might be implemented, whilst highlighting the relevant legislation and its relevance. The new edition reflects major reform to insolvency legislation since the first edition was published, including the Enterprise Act 2002 and the Insolvency Act 2000, and includes new chapters on lending in Germany and mortgage powers of sale, and expanded chapters on: Receivership in Scotland; Receivers and VAT; Power and Rights, and Effect on concurrent office-holders.