ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
Administrator assumes control of company's affairs
SECTION 437AROLE OF ADMINISTRATOR
While a company is under administration, the administrator:
(a) has control of the company
s business, property and affairs; and
(b) may carry on that business and manage that property and those affairs; and
(c) may terminate or dispose of all or part of that business, and may dispose of any of that property; and
(d) may perform any function, and exercise any power, that the company or any of its officers could perform or exercise if the company were not under administration.
Nothing in subsection (1) limits the generality of anything else in it.
Note: A PPSA security interest in property of a company that is unperfected (within the meaning of the
Personal Property Securities Act 2009
) immediately before an administrator of the company is appointed vests in the company at the time of appointment, subject to certain exceptions (see section 267 of that Act).