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