unsecured lender can approach court for liquidation or administration when there is default of payment.
Does the unsecured lender also has the right to appoint the receiver ?
No – that’s a major defect in lending money with no security!
The major role of a receiver is to seize the assets that are the subject of the lender’s security, sell those assets and pay the proceeds over to the lender in settlement of the debt (+ interest + costs)
Now, if the lender has no security, there are no assets that the receiver could claim as being the subject of this (non-) security
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