CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
History
Pt 5.3A inserted by No 210 of 1992, s 56 (effective 23 June
1993).
Division 10 - Execution and effect of deed of company arrangement
History
Heading inserted by No 210 of 1992, s 56 (effective 23 June 1993).
SECTION 444F
COURT MAY LIMIT RIGHTS OF SECURED CREDITOR OR OWNER OR LESSOR
444F(1)
[Where company has executed deed]
This section applies where:
(a)
it is proposed that a company execute a deed of company arrangement; or
(b)
a company has executed such a deed.
History
S 444F(1) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
444F(2)
[Secured creditors]
Subject to subsection
441A(3), the Court may order a secured creditor of the company not to realise or otherwise deal with the security, except as permitted by the order.
History
S 444F(2) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
444F(3)
[Protection of secured creditors]
The Court may only make an order under subsection
(2) if satisfied that:
(a)
for the creditor to realise or otherwise deal with the security would have a material adverse effect on achieving the purposes of the deed; and
(b)
having regard to:
(i) the terms of the deed; and
(ii) the terms of the order; and
(iii) any other relevant matter;
the creditor's interests will be adequately protected.
History
S 444F(3) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
444F(4)
[Owners and lessors]
The Court may order the owner or lessor of property that is used or occupied by, or is in the possession of, the company not to take possession of the property or otherwise recover it.
History
S 444F(4) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
444F(5)
[Protection of interests of owners and lessors]
The Court may only make an order under subsection
(4) if satisfied that:
(a)
for the owner or lessor to take possession of the property or otherwise recover it would have a material adverse effect on achieving the purposes of the deed; and
(b)
having regard to:
(i) the terms of the deed; and
(ii) the terms of the order; and
(iii) any other relevant matter;
the interests of the owner or lessor will be adequately protected.
History
S 444F(5) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
444F(6)
[Order subject to conditions]
An order under this section may be made subject to conditions.
History
S 444F(6) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
444F(7)
[Who may apply for order]
An order under this section may only be made on the application of:
(a)
if paragraph
(1)(a) applies - the administrator of the company; or
(b)
if paragraph
(1)(b) applies - the deed's administrator.
History
S 444F(7) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
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