THE CORPORATIONS LAW

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 chargee, owner or lessor

SECTION 441D   COURT MAY LIMIT POWERS OF CHARGEE, ETC IN RELATION TO CHARGED PROPERTY  

441D(1)  [Chargee acts before administration]  

This section applies if:

(a)  for the purpose of enforcing a charge on property of a company, the chargee, or a receiver or other person, does an act of a kind referred to in a paragraph of subsection 441B(1); and

(b)  the company is under administration when the chargee, receiver or other person does the act, or the company later begins to be under administration;

but does not apply in a case where section 441A applies.

441D(2)  [Court order]  

On application by the administrator, the Court may order the chargee, receiver or other person not to perform specified functions, or exercise specified powers, except as permitted by the order.

441D(3)  [Protection of chargee's interests]  

The Court may only make an order if satisfied that what the administrator proposes to do during the administration will adequately protect the chargee's interests.

441D(4)  [Effect of order during administration]  

An order may only be made, and only has effect, during the administration.

441D(5)  [Sec 441B and 441C]  

An order has effect despite sections 441B and 441C.