111Eligibility for appointment as receiver

111 Eligibility for appointment as receiver

(1) A person is not eligible for appointment as a receiver unless the person is—

(a) a licensee; or

S. 111(1)(b) amended by No. 17/2014 s. 160(Sch. 2 item 18.5).

(b) an Australian legal practitioner who holds an Australian practising certificate or a non‑participant practising certificate entitling the person to engage in legal practice as a principal of a law practice; or

(c) a person who holds accounting qualifications and who has experience in trust accounts for conveyancing businesses; or

(d) a liquidator registered under the Corporations Act.

(2) If—

(a) a statutory manager has already been appointed in respect of the relevant licensee's conveyancing business; and

(b) the statutory manager is otherwise eligible under this section for appointment as a receiver—

the Supreme Court may appoint the statutory manager as receiver in respect of the property of the relevant licensee.

S. 111(3) substituted by No. 17/2014 s. 160(Sch. 2 item 18.6).

(3) In this section—

(a) Australian practising certificate, engage in legal practice, law practice and principal have the same meanings respectively as they have in the Legal Profession Uniform Law (Victoria);

(b) non-participant practising certificate has the same meaning as it has in Schedule 3 to the Legal Profession Uniform Law (Victoria).