Section 182: Interpretation of Sub-Part III

182. Interpretation of Sub-Part III In this Sub-part— “chargee” means the person entitled to the benefit of an instrument; “chargor” means a company in respect of whose property a receiver is or may be appointed; “creditor” includes a person to whom the chargor owes a debt or is under a liability, whether present or future, certain or contingent, and whether an ascertained debt or liability or a liability in damages; “failure to comply”, in relation to a receiver, means a failure by the receiver to comply with a relevant duty arising— (a) under the instrument or the order of the Court by or under which the receiver was appointed; (b) under this or any other enactment, rule of law or Rule of Court; or (c) under any other order or direction of the Court; “manager” means a person appointed under this Sub-part to carry on a company’s business and dispose of its undertaking; “mortgage” includes a charge on property for securing money or money’s worth; “mortgagee”— (a) includes a person from time to time deriving title under the original mortgage; but (b) does not include a receiver; “mortgagee in possession” means a mortgagee who personally or as or through an agent exercises a power to— (a) receive income from mortgaged property; (b) enter into possession or assume control of mortgaged property; or (c) sell or otherwise alienate mortgaged property; I14 – 107 [Issue 3] Insolvency Act “preferential claim” means a claim which is a preferential debt in accordance with the Fourth Schedule except for the payment of the fees and expenses properly incurred by the liquidator in carrying out his functions and duties; “property” includes— (a) an interest or right in property; and (b) a debt; “receiver” means a person appointed in terms of section 183 to take possession and control of the property in receivership and deal with it as directed in the instrument of appointment, and unless otherwise stated, covers a person appointed as a receiver and manager.