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This book is only available in PDF format
Author(s): Fleur Baker, Ralph Simpson
Published: 19 July, 2001
Pages: 174
 

The appointment of receivers represents the most common method by which secured creditors recover monies owed to them by corporate debtors, if those monies are secured by way of a charge over the assets and undertaking of the company. The concept of receivership was developed under common law as a means by which mortgagees avoid the onerous responsibilities of becoming a mortgagee in possession. With the development of insolvency practices, largely within the accounting firms, debenture holders now have the advantage of appointing experienced professionals to undertake these assignments.

A key feature of receivership law is that the receiver, although appointed by a debenture holder or mortgagee, is the agent of the company to which the receiver is appointed. As a consequence, unless the debenture holder or mortgagee acts in bad faith or intermeddles in the receivership, it is not ordinarily liable for the actions of the receiver. Section 2 of the Receiverships Act 1993 (“the Act”) defines a receiver to mean a receiver, manager or a receiver and manager in respect of any property, regardless of whether the person appointed has a power of sale of the property in question. The definition excludes mortgagees exercising a power to receive income, enter possession or exercise a power of sale, as well as agents of mortgagees. If a receiver is appointed under a deed or agreement, then s 6(3) deems the receiver to be the agent of the grantor of that power of appointment, unless the deed, agreement or instrument by which the receiver was appointed provides otherwise. A receiver appointed by the Court is the agent of the Court.

 

Content outline

  • Receiverships
  • Mortgagee remedies
  • Interim liquidation
  • Pre-judgement remedies
  • Liquidation
  • Bankruptcy
  • Corporate compromises
  • Post-judgement remdies
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