Persons not to act as receivers
418 Persons not to act as receivers
A person is not qualified to be appointed, and must not act, as receiver of property of a corporation if the person:
is a secured party in relation to any property (including PPSA retention of title property) of the corporation; or
is an auditor or a director, secretary, senior manager or employee of the corporation; or
is a director, secretary, senior manager or employee of a body corporate that is a secured party in relation to any property (including PPSA retention of title property) of the corporation; or
is not a registered liquidator; or
is a director, secretary, senior manager or employee of a body corporate related to the corporation; or
unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the corporation—has at any time within the last 12 months been a director, secretary, senior manager, employee or promoter of the corporation or of a related body corporate.
Paragraph (1)(d) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the corporation concerned.
In this section:
senior manager does not include a receiver and manager.
This Act’s bill:Explanatory memorandumSecond reading speech
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