(1) A person shall not be appointed a receiver or receiver-manager of any assets of a company, and shall not act as such a receiver or receiver-manager, if the person—
(a) is a body corporate;
(b) is an undischarged bankrupt; or
(c) is disqualified from being a trustee under a trust deed executed by the company, or would be so disqualified if a trust deed had been executed by the company.
(2) If a person who was appointed to be a receiver or receiver-manager becomes disqualified under subsection (1) or under any provision contained in a debenture or trust deed, another person may be appointed in his or her place by the persons who are entitled to make the appointment, or by the court; but a receivership is not terminated or interrupted by the occurrence of the disqualification.
(3) This section applies to a person appointed to be a receiver or receiver-manager whether so appointed before or after the commencement date.