Sparetech Trading placed under receivership over Imperial Bank debt recovery
Sparetech Trading Company Limited has been placed under receivership after Imperial Bank Limited (In Liquidation) appointed a receiver and manager to take control of the company’s assets and operations as part of efforts to recover money owed to the collapsed lender.
According to a notice issued under the Insolvency Act, 2015, Kamal Anantroy Bhatt of Anant Bhatt LLP was appointed Receiver and Manager on April 17, 2026, with authority to manage the company’s business, assets and undertakings.
The appointment transfers control of Sparetech Trading from its directors to the receiver, who will oversee the company’s operations and safeguard its assets on behalf of Imperial Bank.
“Following the Receiver’s appointment, the affairs and business of the company shall be directed by the Receiver. The powers of the Receiver extend to all assets and undertakings of the company,” the notice states.
The receiver also directed that only he and his authorised representatives are permitted to deal with the company’s assets during the receivership period.
The notice further warned that any person who buys, sells, uses or otherwise deals with Sparetech Trading’s assets without the receiver’s written approval could face legal action.
Creditors have been invited to submit their claims to the receiver within 30 days of the notice for consideration.
In addition, the company’s directors have been instructed to provide a statement of affairs within 12 days, detailing the firm’s assets, liabilities and overall financial position.
Receivership is an insolvency process that allows a secured lender to take control of a borrower’s assets after a loan default, with the objective of preserving the value of the business and recovering outstanding debts.
The latest action forms part of Imperial Bank’s ongoing asset recovery programme following its collapse in 2015. Since the bank was placed into liquidation, efforts have continued to recover outstanding loans from borrowers to maximise returns for depositors and other creditors.
The receiver has urged all creditors and interested parties to file their claims within the stipulated 30-day period as the recovery process continues.