JUDGMENT
Madan JA On February 11, 1982 the first appellants were appointed joint and several receivers and managers (hereafter jointly referred to as the receivers) of all the property and assets, first, of the second appellant (Mbo) charged by it to East African Acceptances (Estate Management Division) Limited and Barclays Bank International Limited (Acceptances and Bank respectively) acting under several debentures issued and created by the second appellant in favour of Acceptances and the Bank; secondly, the receivers were also similarly appointed by Acceptances in respect of all the property and assets of the third appellant (Loresho) charged by it under its debenture dated November 27, 1979. Loresho is a wholly owned subsidiary of Mbo. The receivers took possession, on the day of their appointment, of the property and assets of Mbo and Loresho consisting of two coffee estates, and appointed certain persons as their servants and agents for their management under their directives.
A …