A debenture issued by a company is a 'chose in action' and includes an undertaking of the company to repay as a debt the money lent to the company.

The offer is not exempted from disclosure requirements provided under section 708 of Corporation Act 2001.

Funders Bank holds security over the assets of the T-Rex Museum Ltd (T-Rex).

After T-Rex defaulted, Funders appointed Jonas Lopping and Tybor Flanders as Receivers and Managers.

Required: Explain the duties of Messrs. Lopping and Flanders when acting as Receivers and Managers.

please explain with relevant case law