Define a debenture. (2 marks)
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A debenture is a written acknowledgement of indebtedness by a company setting out the terms and conditions of the loan (section 80 (2) of ACT 179.
State the time when a debenture holder on a floating charge will deem it necessary to apply to the court for the appointment of a receiver/manager? (4 marks)
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A receiver/manager in that context is appointed where the security of the debenture holder on floating charge becomes enforceable and the holder of the security pursuant to the power in that behalf in the debenture or the deed securing the same…or
Where the company goes into liquidation (section 87 of ACT 179)