COMPANIES ACT - 1963 (ACT 179)

    Section - 88 - Powers of the Court

    (1) Whenever a fixed or floating charge has become enforceable the Court shall have power to appoint a receiver and, in the case of a floating charge, a receiver and manager of the assets subject to the charge.

    (2) In the case of a floating charge, the Court may, notwithstanding that the charge has not become enforceable, appoint a receiver or manager if satisfied that the security of the debenture holder is in jeopardy.

    (3) The security of the debenture holder shall be deemed to be in jeopardy if the Court is satisfied that events have occurred or are about to occur which render it unreasonable in the interests of the debentureholder that the company should retain power to dispose of its assets.

    (4) A receiver or manager shall not be appointed as a means of enforcing debentures not secured by any charge.

    (5) In this Code unless the context otherwise requires the expression "receiver" includes "manager".