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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVIII. Mortgages, debentures and receivers

Collection:: Economics Books

MORTGAGES, DEBENTURES AND RECEIVERS 204 is concerned. As a rule, a receiver has express power given him to take possession of all or any of the property subject to the charge, to carry on the company’s business, to sell, and to compromise. But he cannot carry on the business unless he is expressly empowered to do so. He will accordingly enter into possession, and, if so author- ised, carry on the business, collect the assets, and, if necessary sell all or any of them. Out of the proceeds he will pay the expenses of the business, interest on prior charges, preferential debts and his own remuneration, after which he will pay to the debenture holders the interest due to them. If, in order to pay off the principal due on the debentures, he sells, any surplus must be paid to the company, as also any surplus income if there is no sale. If the company is in liquidation, the Court may, on the application of the liquidator, fix the remuneration of the receiver or manager [s. 309]. A motion to the Court to appoint a receiver and manager is ordinarily the next step after the issue of a writ in a deben- ture holder's action, and a receiver and, if there is a going business, a manager will be appointed, if either principal or interest is in arrear, or if the security is in jeopardy, e.g. by a threatened winding up, or by execution having been issued on a judgment against the company; or if the assets are in danger owing to disputes between the directors [Stanfield v. Gibbon (1925), W.N. 11]. When the Court appoints a receiver it assumes the pro- rection of the property which constitutes the security of the debenture holders, and holds it for their benefit. A receiver appointed by the Court, and a manager appointed by the Court, are officers of the Court, and any interference with their possession or acts 1s contempt of Court. They are neither agents of the company, nor of the debenture holders. They are under the directions of the Court; and since the Court cannot be liable as their principals, it follows that they are primd facie personally liable, although they have a right of indemnity against the assets [Burt v. Bull (1895), ~ C 3. 276; Strapp v. Bull (1895), 2 Ch. 1]. A receiver appointed by the Court must give security tc account for what he receives. He is entitled to a proper salary or allowance for the performance of his duties. His appointment must be notified to the Registrar by the person at whose instance it was obtained within seven days from the date of the order appointing him [s. 86 (1)]. The usual order directs an enquiry as to the preferential pay- ments to be made under s. 78 of the Act and provides for the Appointed by the Court.

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Index

This page

Image fragment

Citation links

Citation recommendation