Effects of the appointment of the receiver-bankruptcy, Financial Accounting

Effects of the appointment of the receiver

Floating charges:
these crystallise on the appointment of a receiver and become fixed on the assets then in the hands of the company, which cannot be dealt with without the receiver's consent.

Directors: their powers to deal with the assets charged are suspended, but their appointments are not terminated.

Employees: if the receiver is appointed by the court, they are automatically dismissed, but may be re-employed by him (Reid v Explosives Co.): if appointed out of court as agent of the company, their position is not affected (re Mack Trucks Ltd 1967).

Posted Date: 12/13/2012 1:54:48 AM | Location : United States

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