Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision F - Rights of secured party, owner or lessor during restructuring  

SECTION 454E   SECURITY INTEREST IN PERISHABLE PROPERTY  

Scope

454E(1)    
This section applies if perishable property of a company under restructuring is subject to a security interest.

Power of enforcement by secured party, receiver or controller

454E(2)    
Nothing in section 453K , 453R or 454N , or in an order made under subsection 454P(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).