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Effects of the appointment of the receiverFloating 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).
Q. Explain Productivity linked bonus? The grant of productivity-linked bonus is intended to provide substantial motivation towards achieving higher productivity by way of incre
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Receiver appointed by court If appointed by the court, the receiver must give security as directed by the court. The following notification must be given: (a) The debenture h
APPOINTMENT OF TRUSTEES Capacity : Any person with legal capacity to hold property may be a trustee, except an infant. But the court will not appoint, and may remove:Persons u
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is it compulsory to give premium for goodwill while entering into a business..
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