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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 , 440B or 451E , or in an order under subsection 451G(1) , 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: 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.]

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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