Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
(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.
(4) In this section:
"senior manager" does not include a receiver and manager.