Effect of receiving order

The consequences of the making of the receiving order are:

1. The debtor retains ownership, but loses possession and control of his property;
2. The official receiver becomes receiver of the debtor's property;
3. No legal proceedings may be brought in respect of provable debts except by leave of the court;
4. Transactions subsequently entered into by the debtor are prima facie invalid;
5. The receiving order must be advertised in the gazette;