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Receivership - Coggle Diagram
Receivership
appointment of receiver
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receiver normally appointed under terms of debenture and duty is to advance debenture holders interest
potter oils debenture holder no duty to regrain from exercising rights even if cause loss to company or unsecured creditors
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upon appointment inform registrar, Director of Corporate enforcement and put notice in Irish Oifiguil and daily newsapper
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duties
duty to provide info
irish oil and cake mills v donnelly refused injunction to compel receiver to provide info - receiver no duty to report to directors unless special circumstances afffecting price of asset
donal kinsella v bernard sommers shareholder and director of company claimed given insufficient info - court held - no duty on receiver to account to company - need to show if to succeeed being unfairly prejduiced and info sought required for specific purpose
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who to
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guarantors
duty of care to person who have guaranteed debts - to ensure best price possible as liable if not fully paid
standard charter v walker debenture holder can pursue guarantor for balance if still outstanding money owed
mcgowan v gannon irish case - guarantor could receiver in negligence, sufficient duty of care - and may suffer detriment
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function of receiver
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manchester and milford railway company receiver is person who receives rent or income - collects debt
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receiver manager
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lascomme v united dominions trusts directors cease to run company and powers continue only to an extent not inconsistent with duties of receiver
irish oil and cake mills v donnelly receiver manager no duty to keep company appraised of how faring
receiver realises property of company and distributes, receiver manager manages company in hope of meeting debts manchester and milford railway
nature of receiver
agent
acts as agent to debenture holder but actuallly agent of company - company responsible for receivers acts
irish oil and cake mills v donelly different to ordinary agency can be held liable for new contracts
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creature of court
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only appointed if security in jeapordy, if company being wound up
liability
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can disclaim personal liability although under s 612 9 director of corporate enforcement can apply for damages
ruby property if receiver breaches duties, could be liable for diffence in losses - failure to get best possible price
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relationship with others
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winding up
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motor racing cirucits if not dissolved and winding up order made or in provision liquidation receiver can still be appointed
effect of receiver
keane
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receiver not liable for exisitng contracts, can be liable s438 for new contracts enetered
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