On 6th May, 1985, respondent signed judgment in respect of an undisputed indebtedness on a simple trial debt due to it from the applicant/appellant. Applicant did not apply for a stay of execution and did not give any notice of appeal against the judgment. A charge fixed and floating had been created over the assets of the applicant/appellant company in July, 1978 in favour of Savannah Bank of Nigeria Limited. As a result of applicant/appellant’s default Savannah Bank Ltd. Exercising its power under the debenture appointed a Receiver Manager over the Applicant/Appellant company with effect from the 27th June, 1985. This was more than six weeks after the Applicant/Appellant had submitted to judgment in an action against it for a simple debit. The writ of Fieri Facias was issued thereon on 7th May, 1985 judgment having been enrolled.