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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

Division 7 - Rights of secured party, owner or lessor    View history reference

Subdivision B - Property subject to security interests    View history reference

SECTION 441B  WHERE ENFORCEMENT OF SECURITY INTEREST BEGINS BEFORE ADMINISTRATION  

441B(1)  

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This section applies if, before the beginning of the administration of a company, a secured party, receiver or other person:


(a) entered into possession, or assumed control, of property of the company; or


(b) entered into an agreement to sell such property; or


(c) made arrangements for such property to be offered for sale by public auction; or


(d) publicly invited tenders for the purchase of such property; or


(e) exercised any other power in relation to such property;

for the purpose of enforcing a security interest in that property.

441B(2)  

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Nothing in section 198G, 440B, 440F or 440G prevents the secured party, receiver or other person from enforcing the security interest in relation to that property.

[CCH Note 1: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[112] apply in relation to external administrations on and after 1 September 2017.]

[CCH Note 2: S 441B(2) will be amended by No 112 of 2017, s 3, Sch 1[11], by substituting ", 440G or 451E, or in an order under subsection 451G(1)," for "or 440G" (effective 1 July 2018).]

441B(3)  

Section 437D does not apply in relation to a transaction or dealing that affects that property and is entered into:


(a) in the exercise of a power of the secured party as secured party; or
 View history reference


(b) in the performance or exercise of a function or power of the receiver or other person;

as the case may be.


 



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