An insolvency practitioner who is appointed over some or all of the property of a company, usually for the primary purpose of realising that property for the benefit of a secured creditor. A receiver who also has the power to manage the body corporate's affairs is referred to as a receiver and manager (section 90, Corporations Act 2001 (Cth) (CA 2001)).

A receiver may be appointed by a secured creditor (referred to as a private appointment, for the purpose of enforcing a security interest) or, in special circumstances, by the court.

The primary responsibility of a privately appointed receiver is to recover possession of the secured assets and manage and sell them to satisfy the secured creditor's debt.

The sources of power of a privately appointed receiver are:

An insolvency practitioner must be a registered liquidator to qualify for appointment as a receiver.

Commonly, multiple practitioners will be appointed on a joint and several basis for convenience and to expedite the conduct of the receivership (a joint and several appointment is permitted by sections 434D and 434E, CA 2001).

For further information, see Practice note: overview, Receivership (private appointments).