From worrells.net.au: A mortgagee in possession allows a lender to take control of a property following a borrower’s default, enabling them to collect income, manage, or sell the asset with certain legal responsibilities.

Conversely, a receiver or receiver & manager is appointed to realize company assets or specific assets to repay secured creditors, with broader powers for information gathering but limited ability to address registered mortgages.

When deciding between MIP and receivership, lenders must consider various factors including the type of security, creditor situation, and the state of the property to maximize recovery.