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 sub‑fund of a CCIV if the person: (a) is a secured party in relation to any property (including PPSA retention of title property) of the sub‑fund; or (b) is the corporate director of the CCIV; or (c) is a person who holds money or property of the CCIV; or (d) is an auditor of the CCIV or the sub‑fund; or (e) 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 sub‑fund; or (f) is not a registered liquidator; or (g) is a director, secretary, senior manager or employee of: (i) the corporate director; or (ii) a body corporate related to the corporate director; or (iii) a body corporate related to the CCIV; or (h) unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the sub‑fund of the CCIV—has at any time within the last 12 months been: (i) a corporate director or promoter of the CCIV; or (ii) a director, secretary, senior manager, employee or promoter of the corporate director or a related body corporate of the CCIV or the corporate director. (2) Paragraph (1)(f) 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 sub‑fund concerned. (3) Section 418 does not apply to a CCIV. (4) In this section: senior manager does not include a receiver and manager.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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