Section 418 — Corporations Act 2001: Persons not to act as receivers

(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.