Receiver Or Receiver Manager

Many mortgages provide that where a corporation has defaulted, a receiver or receiver manager may be appointed. See ss. 105 and 106 of the Business Corporations Act and ss. 64 to 69 of the Personal Property Security Act for provisions governing the appointment, powers, and duties of receivers and receiver managers. Provisions of the Personal Property Security Act apply to receiverships where the property includes or consists only of land by virtue of s. 64 of the Law and Equity Act.

Proof of Appointment

As proof of an appointment, the registrar requires that a receiver or receiver manager file in support of the application executed by the receiver or receiver manager:

1. a certified copy of the court order, security agreement, or other instrument appointing the receiver or receiver manager; and
2. such other evidence as may be required by the registrar to confirm the appointment or the duties and powers of the receiver or receiver manager.

Submissions

On the Declaration form, enter a description of the appointment as receiver or receiver manager and attach an image of the court order, security agreement, or other instrument that confirms the appointment and sets out the powers of the receiver or receiver manager. The electronic Declaration is submitted in support of the instrument that creates or releases the interest in land.

Execution of Instruments

A receiver or receiver manager executes instruments to which a company in receivership is a party. Where the receiver or receiver manager is a corporation, its authorized signatory executes the instrument.

Example of Execution by Individual Receiver or Receiver Manager:

ABC LIMITED BY

JANE JUNE BLOGGS, RECEIVER (OR RECEIVER MANAGER)

JANE JUNE BLOGGS

JANE JUNE BLOGGS

Example of Execution by Authorized Signatory of Corporate Receiver or Corporate Receiver Manager:

ABC LIMITED BY

BLOGGS & DAUGHTERS LTD., RECEIVER (OR RECEIVER MANAGER)

BY ITS AUTHORIZED SIGNATORY, JANE JUNE BLOGGS

JANE JUNE BLOGGS

JANE JUNE BLOGGS