Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS  

Note: This Part applies to CCIVs with modifications: see Division 3 of Part 8B.6 .

SECTION 418   PERSONS NOT TO ACT AS RECEIVERS  

418(1)    
A person is not qualified to be appointed, and must not act, as receiver of property of a corporation if the person:

(a) is a secured party in relation to any property (including PPSA retention of title property) of the corporation; or

(b) is an auditor or a director, secretary, senior manager or employee of the corporation; or

(c) 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

(d) is not a registered liquidator; or

(e) is a director, secretary, senior manager or employee of a body corporate related to the corporation; or

(f) 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.

418(2)    
(Repealed by No 103 of 2004, s 3, Sch 9 [ 20].)

418(3)    
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.

418(4)    

In this section:

senior manager
does not include a receiver and manager.