Section 376. Appointment of receiver or receiver and manager by Court

(1) The Court may, after giving notice to the company appoint a receiver or receiver and manager on the application of a debenture holder or any other interested person and give notice to the company, where the Court is satisfied that—

(a) the company has failed to pay a debt due to the debenture holder or has otherwise failed to meet any obligation to the debenture holder, or that any principal money borrowed by the company or interest is in arrears;

(b) the company proposes to sell or otherwise dispose of the secured property in breach of the terms of any instrument creating the security or charge; or

(c) it is necessary to appoint a receiver or receiver and manager to ensure the preservation of the secured property for the benefit of the debenture holder.

(2) A person appointed as a receiver by the Court may act as a receiver and manager unless the Court order excludes the appointment as receiver and manager.

(3) If two or more receivers or receiver and managers are appointed by the Court, unless the Court expressly provides otherwise—

(a) the functions or the powers of the receivers or receiver and managers may be performed or exercised by any one of them or by both or all of them jointly; and

(b) a reference to the receiver or receiver and manager shall be a reference to whichever one of the receivers or receiver and managers.

(4) The right of any person to apply to the Court for the appointment of a receiver or receiver and manager under common law is not abrogated by the operation of this section or Subdivision.