Corporations Act 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.3A
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ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
Division 7
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Rights of secured party, owner or lessor
Subdivision B
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Property subject to security interests
SECTION 441C
SECURITY INTEREST IN PERISHABLE PROPERTY
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).
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.
View history note
Hide history noteThis 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.]
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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