The appointment of a receiver is commonly described as a non-terminal step in relation to a financially distressed company. This description conceals the true position. The attitudes of the courts, shaped by centuries of jurisprudence as well as general commercial practice strongly suggest that financially distressed companies in fact proceed from receivership inexorably into the terminal regime of liquidation. Critically Discuss.

 

Reference has to be made as to the following legislation:

1. The Companies Act, Chapter 81:01 (Trinidad and Tobago)

2. Bankruptcy and Insolvency Act, Chapter 9.70 (Trinidad and Tobago)

3. Bankruptcy and Insolvency Act (Barbados)

4. Corporate Insolvency and Governance Act 2020 (UK) Insolvency Act 2000 (UK

 

Must Include also the following case law:

1. Bank of Montreal v. Wilder (1980) 19 B.C.L.R. 77 (S.C.)

2. Borden (UK) Ltd v Scottish Timber Products [1981] Ch 25

3. Business Computers Ltd v Anglo-African Leasing Ltd [1977] 1 WLR 578

4. Canadian Imperial Bank of Commerce v Gypsy International Ltd and Beepat. [2015] CCJ 16 Cripps

5. (Pharmaceutical) Ltd v Wickenden [1973] 2 All E.R. 606 (Ch. Div.)

6. Keith Arjoon, Shandon Arjoon, KGC Company Limited v Maria Daniel, CA P105 of 2020/CV No. 05161 of 2019

7. Lowes Chrysler Dodge Ltd. v. Bank of Montreal (1979) 31 C.B.R. (N.S.) 71 (Ont. S.C.)

8. Massey v Sladen (1868) LR 4 EX 13 at 19 Mister Broadloom Corporation (1968)

9. Ltd. v Bank of Montreal (1919) 101 D.L.R.(3d)713, 25 O.R. (2d) 198 (H.C.J.)

10. Moss Steamship Co v Whinney [1912] AC 254

11. Pullman Trailmobile Canada Ltd v Hamilton Transport Refrigeration Ltd (1979 96 DLR (3d) 322 (Ontario High Court)

12. Ronald Elwyn Lister Ltd et al v. Dunlop Canada Ltd (1978) 85 D.L.R. (3d) 321 (ont. H.C.J), amended judgement 104 D.L.R. (3d) 702 n. (H.C.J.)

13. Ronald Elwyn Lister Ltd et al v. Dunlop Canada Ltd (1979) 105 D.L.R. (3d) 684, 27 O.R. (2d) 168 (C.A.)

14. Ronald Elwyn Lister Ltd et al v. Dunlop Canada Ltd. (1982) CanLII 19 (SCC), [1982] 1 SCR 726

15. Royal Bank of Canada v. Cal Glass Ltd. (1980) 22 B.C.L.R. 328 (C.A.); aft. (1979) 18 B.C.L.R. 55 (S.C.)

16. Scottish Timber Products [1981] Ch 25 Skyrotors Ltd. v. Bank of Montreal (1980) 34 C.B.R. (N.S.) 238 (Ont. S.C.)

17. Seawater Products (Nfld.) Ltd. v. Royal Bank of Canada (1980) 36 C.B.R. (N.S.) 21 (Nfld. S.C.T.D.) 400012881

18. Toms v Wilson (1863) 4 B & S 442 West City Motors Ltd v Delta Acceptance Corpn Ltd (1963) 40 DLR 2 81