This is an area where expert advice should be obtained, as a review of facility letters and mortgages should be carried out. There are complex legislative provisions on Statute of Limitations that apply to estates.
A Receiver to a specific asset would take precedence to an Executor.
If the sales proceeds of the property does not discharge the debt, then, if there is no Executor appointed, the bank could appoint an Administrator ad item so that it could issue proceedings against the estate.
If an Executor is appointed, and the estate is insolvent, then the Executor must apply the bankruptcy rules.
Jim Stafford