New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 138

138 Supreme Court may appoint receiver

(1) The Supreme Court may, on the application of the Secretary, appoint a receiver of all or any of the property of a licensee and may make the appointment whether or not the licensee has been notified of the application or is a party to the proceedings.

(2) Such an application may be made by the Secretary only if--

(a) the licensee has made a request to the Secretary for the appointment of a receiver, or

(b) the licensee's licence has been suspended or cancelled, or

(c) the Secretary is of the opinion that there has been, or that there may have been, a failure to account by the licensee, or

(d) the Secretary is of the opinion that a person is unable to obtain payment or delivery of property held by the licensee because the licensee--

(i) is mentally or physically infirm, or

(ii) is bankrupt, has applied to take the benefit of any law for the relief of bankrupt or insolvent debtors, has compounded with his or her creditors or has made an assignment of his or her remuneration for their benefit, or

(iii) is an inmate within the meaning of the Crimes (Administration of Sentences) Act 1999 , or

(iv) has died, or

(v) has abandoned his or her business,

and the Secretary is of the opinion that it is necessary for the application to be made in order to protect the interests of other persons.

(3) Nothing in this Division prevents a manager of a licensee's business from being appointed as a receiver of the licensee's property.

(4) The Secretary may publicly notify the appointment of a receiver of all or any property of a licensee.

(5) The Supreme Court is not to require the Secretary or any other person, as a condition of granting an application under this section, to give any undertaking as to damages or costs.