A Receiver And Manager's Duties On Realisation Of A Corporation's Assets
AbstractA receiver and manager appointed pursuant to a security document has a primary duty to realise the assets charged by that security with a view to liquidating the debt owing to the mortgagee. In Australia a receiver's power to sell the charged assets arises from the terms of the security pursuant to which he is appointed together with the plenary powers set out in s 420 of the Corporations Law. The author discusses the nature and extent of duties to protect the interests of the mortgagee, the mortgagor and subsequent encumbrancers, as well as guarantors of the debt secured by the security in the course of liquidation. |