Companies Act 2014 section 433

Disqualification for appointment as receiver

Section 433 sets out the categories of persons who are disqualified from being appointed as a receiver of a company's property, and the consequences of becoming disqualified while already serving in that role.

• Undischarged bankrupts, recent officers or employees of the company, close family members of officers, business partners or employees of officers, and bodies corporate are all disqualified from appointment as receiver.
• The term "officer or employee" extends to include the company's statutory auditor, and "child of an officer" includes a child of the officer's civil partner who ordinarily resides with them.
• A receiver who becomes disqualified must immediately vacate office and notify the company, the Registrar, and the appointing debenture-holder or court in writing within 14 days.
• Acting as receiver while disqualified, or failing to give the required notice upon vacating office, is a category 2 offence.