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Directors who executed a continuing personal guarantee remained personally liable; receivership was properly appointed and counterclaims failed.
Security and guarantees – personal guarantee by directors – enforceability; Debenture – power to appoint receiver and manager; Receivership – grounds for appointment and scope of receiver's duties; Liability – guarantors' joint and several liability; Counterclaims – proof required for terminal benefits; Agency clause – receiver as agent of borrower excluding debenture holder's liability.
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