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 never-
theless 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 appoint-
ment 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 pay-
ment [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