Receiver may take possession of property
109 Receiver may take possession of property
A receiver may take possession of receivable property of the relevant licensee or relevant associate.
A person in possession, or having control, of receivable property must permit the receiver to take possession of the property if required by the receiver to do so.
If a person fails to comply with such a requirement, the Supreme Court may, on the application of the receiver, order the person to deliver the property to the receiver.
If, on the application of a receiver, the Supreme Court is satisfied that such an order has not been complied with, the Court—
may order the seizure of any receivable property located on premises specified in the order, and
may make such further order in the matter as it thinks fit.
An order under subsection (4) (a) authorises—
any police officer, or
the receiver, or a person authorised by the receiver, together with any police officer,
to enter the premises specified in the order and to search for, seize and remove any property that appears to be receivable property.
An application by a receiver under subsection (3) may be made—
in the case of property in the possession, or under the control, of the relevant licensee or relevant associate—in the name of the receiver, or
in any other case—in the name of the relevant licensee or relevant associate.
A receiver must, as soon as possible, return property seized under this section if it transpires that it is not receivable property.
This Act’s bill:Explanatory memorandumSecond reading speech
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