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Morgan's Harbour Ltd (In Receivership) v Lashmont Financial Services Ltd and McClymont, Myles

Case Number: 
2017 CD 00593
Neutral Citation: 
[2018] JMCC Comm 9
Date of Delivery: 
14.03.2018

Insolvency – Convertible debenture – Appointment of joint receiver – Managers by debenture holder – Duty of receiver – Managers to the debenture holder in the exercise of the power of sale under the convertible debenture – Whether receiver – Managers in breach of duty – Termination by the debenture holder of the receiver – Managers at the point of their exercising their power of sale – Whether any basis exist upon which receiver – Managers may refuse to accept termination – Duty of debenture holder – Whether debenture holder in breach of duty – Whether a court of equity can invalidate the termination of the receiver – Managers by the debenture holder