|
A receiver completes his duties when
he repays his appointor either in whole or in part.
If there are any surplus monies following
the repayment of the debenture that surplus must be handed
over to a liquidator.
A liquidator is appointed by the general
body of creditors unlike the receiver who was appointed by
one person - the debenture holder.
That liquidator has a duty to review
the actions of the receiver and the fees drawn by that receiver.
Company liquidations are addressed in
detail at another section of this website.
If a receiver is appointed under a debenture
created post 15th September 2003 he cannot pay all of the
money he realises to his appointor.
As a result of the Enterprise Act 2002
coming into effect the receiver has to separate a sum of money
called the "prescribed part", which must be made
available to the unsecured creditors.
|
