The applicant, a secured creditor owed over $7 million under a promissory note, applied for the appointment of a receiver and manager over all the assets, property, and undertaking of the respondent.
The applicant's security interest was limited to a single US patent and the product resulting from working that patent.
The court dismissed the application, finding insufficient evidence to establish that it was just and convenient to appoint a receiver over the entire business, especially given the lack of information regarding the value of the secured collateral, the scope of the respondent's assets, and why a private appointment would not suffice.
