Section 48: Powers of the Corporation to act as or Appoint a Receiver for a Debtor Company. (amended by Section 6 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1) The Corporation shall have power to act as, or appoint a receiver for, a debtor company whose assets have been charged, mortgaged or pledged as security for an eligible bank asset acquired by the Corporation.
(2) A receiver under this Act shall have power to-
(a) realize the assets of the debtor company ;
(b) enforce the individual liability of the shareholders and directors of the debtor company; and
(c) manage the affairs of the debtor company.
(3)
The powers of a receiver acting under the provisions of this section, shall be exercisable over all the assets and entire undertaking of the debtor company notwithstanding that only a part of the assets of the debtor or part was charged, mortgaged or pledged as security in relation to the eligible bank asset acquired by the Corporation :
Provided that such exercise of power shall be without prejudice to the existing rights of secured creditors or third parties in such assets.
(4)
Where a receiver under this section elects to manage the affairs of a debtor company or other debtor entity, under section 48(2)(c), it shall give notice of its election by publication in at least two newspapers with nationwide circulation.
(5)
A receiver under this section approved to manage the affairs of a debtor company or debtor entity, shall, on the publication of the notice referred to in section 48(4) become entitled to take over the management of the affairs of the debtor company or debtor entity in the name, and on behatf of the debtor company or debtor entity, for the benefit of the debtor company or debtor entity and the general body of creditors of the debtor company or debtor entity for the period specified in the notice.
(6)
A receiver managing the affairs of a debtor company or debtor entity under the provisions of this section shall be deemed to be a fiduciary of the debtor company or debtor entity and all its creditors; and shall in paying off any debts owed by the debtor-company or debtor entity strictly adhere to debt priority ranking prescribed under section 494 of the Companies and Allied Matters Act.
(7)
Subject to Section 48(9) of this Act and on the publication of the notice referred to Section 48(4) thereof, all judgments, claims, debt enforcement procedures existing or being pursued before the publication of the notice shall stand automatically suspended and be unenforceable against the debtor company for the shorter of a period of 1 year from the date of the publication of the notice or the period that the receiver continues to manage the affairs of the debtor company :
Provided that claims relating to wages and other entitlements of existing staff of the debtor company or debtor entity and professional advisers shall not be so suspended.
(8)
A receiver acting under section 48(2) (c) shall within 30 days of the publication of the notice referred to in section 48(4) cause to be prepared a detailed and comprehensive plan for the rehabilitation ofthe debtor-company or debtor entity.
(9) Where a receiver acting under section 48(2)(c) fails to comply with the provisions of section 48(8), the provisions of section 48(7) shall cease to apply.