Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVIII. Mortgages, debentures and receivers

Collection:: Economics Books

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

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