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CRR01

Creditors' Remedies

NZ $50.00
Author(s): Fleur Baker, Ralph Simpson
Published: 19 July, 2001
Pages: 174

 

Introduction


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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