Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 66

66 Dealing with receivership property when appointment ends

(1) This section applies to receivership property if—

(a) the receiver’s appointment ends; and

(b) the chief executive has not asked for the property under section 63 .

(2) If, within 14 days after the end of the receiver’s appointment, the chief executive appoints another person (the
"new receiver" ) to be the receiver in the former receiver’s place, the former receiver must—

(a) give the receivership property to the new receiver as soon as reasonably practicable; or

(b) if the chief executive gives the former receiver a direction about how to deal with the receivership property, comply with the direction.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(3) If a new receiver is not appointed within the 14 days, the former receiver must give the receivership property to the agent or other person who has the right to it.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(4) However, the chief executive may direct the former receiver to destroy or give to the chief executive a part of the receivership property consisting of documents if the documents have not been given to the person entitled to them.

(5) The former receiver must comply with a direction under subsection (4) , unless the former receiver has a reasonable excuse.

Penalty—

Maximum penalty for subsection (5) —200 penalty units or 1 year’s imprisonment.