206 SECRETARIAL PRACTICE

Duties.

by debenture holders are in general far greater than those of a
receiver appointed under the Law of Property Act, 1925.
Upon liquidation, a receiver who was the agent of the
company, ceases to be the agent of the company, but nevertheless
 he does not then become the agent of the debenture
holders or their trustees, unless they in fact clothe him with
authority to act on their behalf [Gosling v. Gaskell (1897),
A.C. 575]. He then assumes personal liability for his acts
"Thomas v. Todd (1926), 2 K.B. 511].
By s. 86 of the Companies Act, 1929, any person who
appoints a receiver or manager under the powers contained
in any instrument must within seven days of the appointment
give notice to the Registrar of Companies. There are penalties
for default. A receiver, although this notification to the
Registrar is not his own duty, should nevertheless satisfy
himself that it is being, or has been, done.
The statutory duties of a receiver appointed by debenture
holders or their trustees are: —
(1) To deliver to the Registrar within one month or such
longer period as the Registrar may allow after the
expiration of six months from the date of his appointment
 and of every subsequent period of six months
an abstract in the prescribed form of his receipts
and payments during that period of six months [s. 310].
To deliver a similar abstract with the aggregate amount
of his receipts and payments during all preceding
periods on ceasing to act [s. 310].
On ceasing to act, to give the Registrar notice to that
effect [s. 86].
Unless a winding up is in progress, to pay out of
any assets coming to his hands, in priority to any
principal or interest due on the debentures, the debts
which in a winding up are entitled to preferential payment
 [s. 78].
The expression ‘assets coming to his hands’ includes assets
which are subject to any floating charge, but not assets subject
to a fixed charge created by the debentures [re Lewis Merthyr
Consolidated Collieries, Ltd. (1929), 1 Ch. 498].
The date as at which these debts are to be reckoned is the
date of the appointment of ‘the receiver. or of his taking
possession.
His general duties depend to a great extent upon the terms
of his appointment, and are closely analogous to those of a
liquidator, so far as the collection and realisation of assets