CONVEYANCERS ACT 2006 - SECT 129 Property not dealt with during receivership

CONVEYANCERS ACT 2006 - SECT 129

    (1)     If, during the course of a receivership, receivable property or money under the control of a receiver has not been dealt with in accordance with this Division, the receiver must advise the Director of that fact and—

        (a)     if required to do so by the Director within one month after the notice is given, transfer, deliver or pay the property or money to the Director; or

        (b)     in the absence of a requirement of the Director under paragraph (a), transfer, deliver or pay the property or money to the relevant licensee or a relevant associate.

    (2)     If property other than money is transferred or delivered to the Director under subsection (1), the Director must—

        (a)     deal with it as the Supreme Court directs; and

        (b)     if the property is sold, treat the proceeds as money paid to the Director under this section.

    (3)     The Director must apply money paid to the Director under this section—

        (a)     first, to the satisfaction of any outstanding claims against the relevant licensee or a relevant associate; and

        (b)     secondly, in payment of the expenses of the receivership.

    (4)     Any money paid to the Director under this section that is surplus to the requirements of this section must be paid to the relevant licensee or a relevant associate.