(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
cancelled or suspended, or
(c) the Secretary is of the opinion (whether as a
consequence of a determination by the Secretary under Part 10 of the Property
and Stock Agents Act 2002 as applied by section 88 of this Act or otherwise)
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