Section 181, The Companies Act, 2009

(1) At any time after a debenture holder or a class ofdebenture holders becomes entitled to realise his security, a receiver of any assets subject to a mortgage, charge or security in favour of the class of debenture holders or the trustee of the covering trust deed or any other person may be appointed by– (a) that trustee; (b) the holders of debentures of the same class containing power to appoint; (c) debenture holders having more than one-half of the total amount owing in respect of all the debentures of the same class; or (d) the court on the application of the trustee. (2) Subject to any conditions imposed in the debenture or debenture trust deed, a debenture holder or a trustee in the case of a trust deed may– (a) bring an action in a representative capacity against the company for payment and enforcement of the security; or (b) realise his security by– (i) bringing a foreclosure action; or (ii) commencing a winding up proceeding. (3) A receiver appointed under this section shall have, subject to any order made by the court, power to take possession of the assets subject to the mortgage, charge or security and to sell those assets and, if the mortgage, charge or enforce claims vested in the company, to compromise, settle and enter into arrangements in respect of claims by or against the company’s business with a view to selling it on the most favourable terms , to grant or accept leases of land and licences in respect of patents designs and to recover any instalment unpaid on the company’s issued shares. (4) Where a representative action is being brought under paragraph (a) of subsection (2) the approval of the court shall be obtained where the company is being wound up. (5) The remedies given by this section shall be in addition to, and not in substitution for, any other powers and remedies conferred on the trustee of the debenture trust deed or on the debenture holders by the debentures or debenture trust deed, and any power or remedy which is expressed in any instrument to be exercisable if the debenture holders become entitled to realise their security is exercisable on the occurrence of any of the events specified in subsection (1) of section 180, or in the case of a general charge in subsections (1) and (2) of section 180 but a manager of the business or of any of the assets of a company may not be appointed for the benefit of debenture holders unless a receiver has also been appointed and has not ceased to act. (6) No provision in any instrument which purports to exclude or restrict the remedies given by this section shall be valid.