Morgan's Harbour Ltd (In Receivership) v Lashmont Financial Services Ltd and Myles McClymont

Insolvency-Convertible debenture-Appointment of joint receiver-Managers by debenture holder-Duty of receiver-Managers to the debenture holder in the exercise of the power of sale under the convertible debenture-Whether receiver-Managers in breach of duty-Termination by the debenture holder of the receiver-Managers at the point of their exercising their power of sale-Whether any basis exist upon which receiver-Managers may refuse to accept termination-Duty of debenture holder-Whether debenture holder in breach of duty-Whether a court of equity can invalidate the termination of the receiver-Managers by the debenture holder