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APPOINTMENT OF RECEIVER OR RECEIVER AND MANAGER A receiver or receiver and manager is a person appointed for the purpose of protecting the interests of the mortgagee, the mortgagor and subsequent encumbrancers, as well as guarantors of the debt secured by the debenture. He/She has a primary duty to realise the assets charged by that debenture with a view to liquidating the debt owing to the mortgagee. A receiver's power to sell the charged assets arises from the terms of the debenture pursuant to which he is appointed together with the powers set out in a court order or deed of appointment. A person who obtains an order for the appointment of a receiver of property of a company, or who appoints such a receiver under a power contained in an instrument, is required to file a Notice (Form 39) with the Registrar of Companies within seven days after obtaining the order or making the appointment. Apart from filing Form 39, a person who is appointed as a receiver of property of a company is also required to lodge with the Registrar a notice in the prescribed form (Form 40) of the physical address of the person's office and a postal address. The fees for appointment of Receiver or Receiver and Manager are as follows:- | Form 39 | K25,000 | | Form 40 | K25,000 | | Gazette Notice Handling Fee | K50,000 | | Gazette Notice Advertisement Fee | K100,000 | | Total Amount | K200,000 |
On lodgment of Form 39 and Form 40 the Registrar shall cause a notice to be published in the Gazette of the appointment of the person as Receiver or Receiver and Manager as the case may be. Ceasing to act as Receiver or Receiver and Manager
Where a person who has been appointed receiver of property of a company ceases to act as receiver, he or she is required to lodge with the Registrar a notice (Form 41) that he has ceased to act as receiver within seven days after so ceasing to act as receiver. On lodgment of Form 41, the Registrar shall cause a notice to be published in the Government Gazette that the person has ceased to act as Receiver or Receiver and Manager, as the case may be. The fees for ceasing to act as Receiver or Receiver and Manager are as follows:- | Form 41 | K25,000 | | Gazette Notice Handling Fee | K50,000 | | Gazette Notice Advertisement Fee | K100,000 | | Total Amount | K175,000 |
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