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Effects of the appointment of the receiverFloating charges: these crystallise on the appointment of a receiver and become fixed on the assets then in the hands of the company, which cannot be dealt with without the receiver's consent.
Directors: their powers to deal with the assets charged are suspended, but their appointments are not terminated.
Employees: if the receiver is appointed by the court, they are automatically dismissed, but may be re-employed by him (Reid v Explosives Co.): if appointed out of court as agent of the company, their position is not affected (re Mack Trucks Ltd 1967).
Ortiz Motors sponsors a defined-benefit pension plan for its employees. On January 1, 2013, the company's records showed the following account balances relevant to this plan: Plan
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