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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 10 - Execution and effect of deed of company arrangement  

SECTION 444D  EFFECT OF DEED ON CREDITORS  

444D(1)  

A deed of company arrangement binds all creditors of the company, so far as concerns claims arising on or before the day specified in the deed under paragraph 444A(4)(i).

444D(2)  

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Subsection (1) does not prevent a secured creditor from realising or otherwise dealing with the security interest, except so far as:


(a) the deed so provides in relation to a secured creditor who voted in favour of the resolution of creditors because of which the company executed the deed; or


(b) the Court orders under subsection 444F(2).

444D(3)  

Subsection (1) does not affect a right that an owner or lessor of property has in relation to that property, except so far as:


(a) the deed so provides in relation to an owner or lessor of property who voted in favour of the resolution of creditors because of which the company executed the deed; or


(b) the Court orders under subsection 444F(4).

444D(3A)  

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Subsection (3) does not apply in relation to an owner or lessor of PPSA retention of title property of the company.

Note: Subsection (2) applies in relation to an owner or lessor of PPSA retention of title property of the company. Such an owner or lessor is a secured creditor of the company (see section 51F (meaning of PPSA retention of title property)).

444D(4)  

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Section 231 does not prevent a creditor of the company from becoming a member of the company as a result of the deed requiring the creditor to accept an offer of shares in the company.


 



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