Section 207 CAMA 2020 Preferential payment to debenture holders in certain cases (1) Where a receiver is appointed on behalf of the holders of any debenture of a registered company secured by a floating charge, or possession is taken by, or on behalf of those debenture holders of any property comprising of subject to the…

Section 206 CAMA 2020 Advertisement of appointment of receiver and manager Where a receiver or manager is appointed by the Court, advertisement to this effect shall be made by the receiver or the receiver and manager in the Federal Government Gazette and in two daily newspapers.

Section 205 CAMA 2020 Powers of the court to appoint receiver or manager (1) Whenever a fixed or floating charge has become enforceable, the Court may appoint a receiver and in the case of a floating charge, a receiver and manager of the assets subject to the charge. (2) In the case of a floating…

Section 204 CAMA 2020 Priority of fixed over floating charge A fixed charge on any property shall have priority over a floating charge affecting that property, unless the terms on which the floating charge was granted prohibits the company from granting any later charge having priority over the floating charge and the person in whose…

Section 203 CAMA 2020 Meaning of floating and fixed charges (1) A “floating charge” means an equitable charge over the whole or a specified part of the company’s undertakings and assets, including cash and uncalled capital of the company both present and future, but so that the charge shall not preclude the company from dealing…

Section 202 CAMA 2020 Meetings of debenture holders (1) The terms of any debenture or trust deed may provide for the convening of general meetings of the debenture holders and for the passing, at such meetings, of a resolution binding on all the holders of the debentures of the same class. (2) Whether or not…

Section 201 CAMA 2020 Rights of debenture holders (1) The trustee of a debenture trust deed shall hold all contracts, stipulations and undertakings given to him and all mortgages, charges and securities vested in him in connection with the debentures covered by the deed, or some of those debentures, exclusively for the benefit of the…

Section 200 CAMA 2020 Power to re-issue redeemed debentures in certain cases (1) Where either before or after the commencement of this Act, a company has redeemed any debenture previously issued, unless—(a) any provision, express or implied, to the contrary is contained in the articles or in any contract entered into by the company ;…

Section 199 CAMA 2020 Redeemable debentures A company limited by shares may issue debentures which are, or at the option of the company are, liable to be redeemed.

Section 198 CAMA 2020 Secured or unsecured debentures (1) Debentures may either be secured by a charge over the company’s property or may be unsecured by any charge. (2) Debentures may be secured by a fixed charge on certain of the company’s property or a floating charge over the whole or a specified part of…