Sixth Schedule

[Section 383]

POWERS OF RECEIVER OR RECEIVER AND MANAGER

1. Subject to the provisions of this Schedule, a receiver or receiver and manager of the property of a company has the powers to do all things necessary or convenient to be done for or in connection with, or as incidental to, the attainment of the objectives for which the receiver or receiver and manager was appointed

2. Without limiting the generality of paragraph 1, but subject to any provision of the Court order by which, or the instrument under which, the receiver was appointed, being a provision that limits the receiver or receiver and manager ’s powers in any way, a receiver or receiver and manager of the property of the company has, in addition to any powers conferred by that order or instrument, as the case may be, or by any other law, power for the purpose of attaining the objectives for which the receiver or receiver and manager was appointed—

(a) to take possession and control of the property of the company in accordance with the terms of that order or instrument;

(b) to lease, let on hire or dispose of the property of the company;

(c) to grant options over the property of the company on such conditions as the receiver or receiver and manager thinks fit;

(d) to borrow money on the security of the property of the company;

(e) to insure the property of the company;

(f) to repair, renew or enlarge the property of the company;

(g) to convert the property of the company into money;

(h) to carry on any business of the company;

(i) to take on lease or on hire, or to acquire, any property necessary or convenient in connection with the carrying on of the business of the company;

(j) to demand and recover, by action or otherwise, income of the property in receivership;

(k) to issue receipts for income recovered;

(l) to inspect at any reasonable time books or documents that relate to the property in receivership and that are in the possession or under the control of the company;

(m) to exercise, on behalf of the company, the right to inspect books or documents that relate to the property in receivership and that are in the possession or under the control of a person other than the company

(n) to change the registered office or address for service of the company;

(o) to execute any document, bring or defend any proceedings or do any other act or thing in the name of and on behalf of the company;

(p) to draw, accept, make and endorse a bill of exchange or promissory note;

(q) to use a seal of the company;

(r) to engage or discharge employees on behalf of the company;

(s) to appoint a solicitor, accountant or other professionally qualified person to assist the receiver or receiver and manager;

(t) to appoint an agent to do any business that the receiver or receiver and manager is unable to do, or that it is unreasonable to expect the receiver or receiver and manager to do, in person;

(u) where a debt or liability is owed to the company, to prove the debt or liability in a bankruptcy, insolvency or winding up and, in connection with the bankruptcy, insolvency or winding up, to receive dividends and to assent to a proposal for a composition or a scheme of arrangement;

(v) to make or defend an application for the winding up of the company; and

(w) to refer to arbitration any question affecting the company.

3. The conferring by this Schedule on a receiver or receiver and manager of powers in relation to the property of the company does not affect any rights in relation to that property of any person other than the company.

4. In this Schedule, a reference, in relation to a receiver or receiver and manager, to property of a company is, unless the context otherwise requires, a reference to the property of the company in relation to which the receiver or receiver and manager was appointed.