Books > Old Books > Poetry Northwest (1959)


Page 206

CHAPTER 17
DEBENTURES

He is entitled to be indemnified out of the company's assets, (60) but if the assets are insufficient he must bear the loss personally.(61)
2. Contracts current at the date of his appointment are not binding on the receiver personally, unless they become binding by novation.(62) They remain binding, however, against the company, so that in the event of a breach the company will be liable for damages.
3. The receiver must not refuse to carry out the company's current trading contracts if the refusal will injure the company's goodwill,(63) but if the contracts can only be- carried out by borrowing money ranking in priority to the debenture holders, he will not be ordered to carry them out (64)
(B) When he is appointed under a power in the debentures.-If the debentures provide that the receiver is to be the agent of the company, as they usually do, the debenture holders are not liable for his acts. Under section 369 (2) he is, to the same extent as if he had been appointed by a Court, personally liable on his contracts. He has the same right of indemnity as a receiver appointed by order of the Court and he may also, as a condition of accepting the appointment, require an express indemnity from the debenture holders. He can apply to the Court for directions on any matter concerning the performance of his functions.
After a winding up, whether voluntary or compulsory, the receiver's authority to carry on the company's business is revoked. (65)
Borrowing by Receiver.-To enable the receiver to carry on the business of the company or to preserve the property of the company, the Court can authorise the receiver to borrow sums ranking in priority to the debentures. (66) Authority will not be given, however, if the expenditure is speculative. (67)' Without leave of the Court a receiver cannot give security for money borrowed, although he can borrow for

60 Re Glasdir Mines, [1906] 1 Ch. 365.
61 Boehm v. Goodall, [1911] 1 Ch. 155
62 Moss Steamship Co, v. Whinney, [1912] A. C. 254.
63 Re Newdigate Colliery, [1912] 1 Ch. 468.
64 Re Thames Ironworks (1912), 106 L. T. 674.
65 Thomas v. Todd, [1926] 2 K. B. 511.
66 Greenwood v. Algeciras By., [1894] 2 Ch. 205.
67 Securities Corpn. v. Brighton Alhambra, [1893] W. N. 15.

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where is HTML where is HEAD where is TITLE He is entitled to be indemnified out of what is company's assets, (60) but if what is assets are insufficient he must bear what is loss personally.(61) 2. Contracts current at what is date of his appointment are not binding on what is receiver personally, unless they become binding by novation.(62) They remain binding, however, against what is company, so that in what is event of a breach what is company will be liable for damages. 3. what is receiver must not refuse to carry out what is company's current trading contracts if what is refusal will injure what is company's goodwill,(63) but if what is contracts can only be- carried out by borrowing money ranking in priority to what is debenture holders, he will not be ordered to carry them out (64) (B) When he is appointed under a power in what is debentures.-If what is debentures provide that what is receiver is to be what is agent of what is company, as they usually do, what is debenture holders are not liable for his acts. Under section 369 (2) he is, to what is same extent as if he had been appointed by a Court, personally liable on his contracts. He has what is same right of indemnity as a receiver appointed by order of what is Court and he may also, as a condition of accepting what is appointment, require an express indemnity from what is debenture holders. He can apply to what is Court for directions on any matter concerning what is performance of his functions. After a winding up, whether voluntary or compulsory, what is receiver's authority to carry on what is company's business is revoked. (65) Borrowing by Receiver.-To enable what is receiver to carry on what is business of what is company or to preserve what is property of what is company, what is Court can authorise what is receiver to borrow sums ranking in priority to what is debentures. (66) Authority will not be given, however, if what is expenditure is speculative. (67)' Without leave of what is Court a receiver cannot give security for money borrowed, although he can borrow for 60 Re Glasdir Mines, [1906] 1 Ch. 365. 61 Boehm v. Goodall, [1911] 1 Ch. 155 62 Moss Steamship Co, v. Whinney, [1912] A. C. 254. 63 Re Newdigate Colliery, [1912] 1 Ch. 468. 64 Re Thames Ironworks (1912), 106 L. T. 674. 65 Thomas v. Todd, [1926] 2 K. B. 511. 66 Greenwood v. Algeciras By., [1894] 2 Ch. 205. 67 Securities Corpn. v. Brighton Alhambra, [1893] W. N. 15. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 206 where is strong CHAPTER 17 DEBENTURES where is p align="justify" He is entitled to be indemnified out of what is company's assets, (60) but if what is assets are insufficient he must bear the loss personally.(61) 2. Contracts current at what is date of his appointment are not binding on what is receiver personally, unless they become binding by novation.(62) They remain binding, however, against what is company, so that in the event of a breach what is company will be liable for damages. 3. what is receiver must not refuse to carry out what is company's current trading contracts if what is refusal will injure what is company's goodwill,(63) but if what is contracts can only be- carried out by borrowing money ranking in priority to what is debenture holders, he will not be ordered to carry them out (64) (B) When he is appointed under a power in what is debentures.-If the debentures provide that what is receiver is to be what is agent of the company, as they usually do, what is debenture holders are not liable for his acts. Under section 369 (2) he is, to what is same extent as if he had been appointed by a Court, personally liable on his contracts. He has what is same right of indemnity as a receiver appointed by order of what is Court and he may also, as a condition of accepting what is appointment, require an express indemnity from what is debenture holders. He can apply to what is Court for directions on any matter concerning the performance of his functions. After a winding up, whether voluntary or compulsory, what is receiver's authority to carry on what is company's business is revoked. (65) Borrowing by Receiver.-To enable what is receiver to carry on what is business of what is company or to preserve what is property of what is company, the Court can authorise what is receiver to borrow sums ranking in priority to what is debentures. (66) Authority will not be given, however, if what is expenditure is speculative. (67)' Without leave of what is Court a receiver cannot give security for money borrowed, although he can borrow for 60 Re Glasdir Mines, [1906] 1 Ch. 365. 61 Boehm v. Goodall, [1911] 1 Ch. 155 62 Moss Steamship Co, v. Whinney, [1912] A. C. 254. 63 Re Newdigate Colliery, [1912] 1 Ch. 468. 64 Re Thames Ironworks (1912), 106 L. T. 674. 65 Thomas v. Todd, [1926] 2 K. B. 511. 66 Greenwood v. Algeciras By., [1894] 2 Ch. 205. 67 Securities Corpn. v. Brighton Alhambra, [1893] W. N. 15. where is Server.Execute("_SiteMap.asp") %

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