Section 119 - Registration of enforcement of security

(1) Where a person obtains an order for the appointment of a receiver of property of a company, or appoints a receiver or enters into possession of the property under a power contained in a charge, notice of the fact in the prescribed form shall, within ten days from the date of the order, appointment, or entry into possession, be given to the Registrar who shall enter the fact in the register of the particulars of charges relating to that company.

(2) Where there is a default in giving the notice required under subsection (1), the receiver, the person entering into possession, the company, or an officer of the company who is in default, is liable to pay to the Registrar, an administrative penalty of twenty-five penalty units for each day during which the default continues.

(3) Where a person appointed receiver of the property of the company ceases to act as receiver, or where a person having entered into possession goes out of possession, that person shall give notice to the Registrar, within ten days of so ceasing to act or to remain in possession, to that effect in the prescribed form.

(4) The Registrar shall enter the notice referred to in subsection (3) in the register of particulars of charges.

(5) A person who defaults in complying with the requirements of subsection (3) is liable to pay to the Registrar, an administrative penalty of twenty-five penalty units for each day during which the default continues.

(6) The Registrar shall cause a copy of a notice given under this section to be published in the Companies Bulletin.