DFC Financial Services Ltd v Samuel - [1990] 3 NZLR 156

Company law — Receivership — Validity of the appointment of receivers — Construction of powers in debenture — Whether a power in a debenture to appoint one or more receivers authorised the appointment of two receivers jointly and severally.

Company law — Receivership — Notice under Property Law Act — When principal sum under debentures was not due but companies were in default receivers were appointed — Whether debenture holder should have given notice under s 92 of the Property Law Act before appointing receivers — Companies Act 1955, s 348(8) — Property Law Act 1952, s 92.

Property law — Mortgage — Exercise of mortgagee's powers — Receivers of companies sold mortgaged properties and claimed deficit from guarantor — Whether receivers were exercising power of sale conferred by debenture or by mortgage — Whether receivers were obliged to give prior notice under Property Law Act to guarantor — Property Law Act 1952, s 92(6).