H: REMEDIES OF DEBENTURE HOLDERS AND STOCKHOLDERS

54 Introduction

Remedies of debenture holders or debenture stockholders fall into two broad categories, namely, those available without the aid of the court1 and those available only with the aid of the court2. The availability of remedies of either kind rests primarily on the existence of security for repayment of the indebtedness. In the absence of security, the debenture holder or debenture stockholder will be an unsecured creditor and have little recourse other than to seek to enforce the company’s covenant for payment or prove for the debt in a

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