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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 441C  SECURITY INTEREST IN PERISHABLE PROPERTY  

 View history reference

Scope

441C(1)  

This section applies if perishable property of a company under administration is subject to a security interest.

Power of enforcement by secured party, receiver or controller

441C(2)  

Nothing in section 198G or 440B prevents any of the following from enforcing the security interest, so far as it is a security interest in perishable property:


(a) the secured party;


(b) a receiver or controller appointed for the purposes of Part 5.2 (whether under an instrument relating to the security interest or a court order, and even if appointed after the decision period).

[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 441C(2) will be amended by No 112 of 2017, s 3, Sch 1[12], by substituting ", 440B or 451E, or in an order under subsection 451G(1)," for "or 440B" (effective 1 July 2018).]

441C(3)  

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


(a) the secured party in the performance or exercise of a function or power as secured party; or


(b) a receiver or controller mentioned in paragraph (2)(b) of this section, in the performance or exercise of a function or power as such a receiver or controller.


 



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