Who can appoint a receiver in Nigeria?

Who can appoint a receiver in Nigeria?

the court
A receiver can be appointed by the court by virtue of section 209(1)d of CAMA on the application of a trustee of the covering debenture trust deed. 42 A receiver/ manager appointed by the court, becomes an o⁄cer of the court and shall act in accordance with the directions and instructions of the court.

What does a receiver do property?

What Is a Receiver? A receiver is a court-appointed officer who acts as a neutral to manage assets (real property or personal property) or even manage businesses as going concerns when they are the subject of a legal dispute. A receiver can also be appointed to act as a liquidator of such assets or businesses.

Who can act as a receiver?

56.2.2 Definition of a receiver A receiver is a named individual who may take possession of property for its protection or realisation. A receiver may be appointed by the court, by a charge-holder with a suitable clause in their security or under the provisions of a statute, for example the Law of property Act 1925.

What are receiver fees?

Receivers generally are paid on an hourly basis, with rates varying greatly based on geographic location. Rates typically range from $200 to $500 per hour, although in some cases fixed fees are charged. The receiver may use his own management company with proper disclosure.

Who can apply for appointment of receiver?

Who can appoint a receiver? According to the civil procedure code, the court before which the proceedings are pending can appoint a receiver if it appears just and convenient to the court to appoint such receiver [section 51(d)]. It is within the discretionary power of the court to appoint the receiver.

Can a lender appoint a receiver?

A Receiver or Receiver-Manager (“Receiver”) may be appointed by a secured lender under a General Security Agreement (“GSA”) covering all of the security of the debtor, under a specific mortgage such as a mortgage of an office building or apartment block, and may be appointed by the Court.

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