In what circumstances will a creditor who appointed a receiver to dispose of assets be allowed to change the receiver’s work?
Ontario, Canada
The following excerpt is from Bakemates International Inc., Re, 2003 CanLII 41385 (ON SC):
In Royal Bank v. Soundair, supra, Galligan J.A. stated at page 17: “As I have attempted to explain in these reasons, when a receiver’s sale is before the court for confirmation the only issues are the propriety of the conduct of the receiver and whether it acted providently. The function of the court at that stage is not to step in and do the receiver’s work or change the sale strategy adopted by the receiver. Creditors who asked the court to appoint a receiver to dispose of assets should not be allowed to take over control of the process by the simple expedient of supporting another purchaser if they do not agree with the sale made by the receiver. That would take away all respect for the process of sale by a court-appointed receiver”.
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