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 8
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Powers of administrator
SECTION 442CB
PROPERTY SUBJECT TO A SECURITY INTEREST OR TO A RETENTION OF TITLE CLAUSE
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ADMINISTRATOR
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S DUTY OF CARE IN EXERCISING POWER OF SALE
If the administrator of a company is entitled to dispose of property of the company by way of sale, and the property is subject to a security interest, the administrator must act reasonably in exercising a power of sale in respect of the property.
If:
(a) a company is under administration; and
(b) property is used or occupied by, or is in the possession of, the company; and
(c) another person is the owner of the property; and
(d) the property is subject to a retention of title clause under a contract; and
(e) the administrator is entitled to dispose of the property by way of sale;
Subsections (1) and (2) do not limit section 180 , 181 , 182 , 183 or 184 .
442CB(1)
If the administrator of a company is entitled to dispose of property of the company by way of sale, and the property is subject to a security interest, the administrator must act reasonably in exercising a power of sale in respect of the property.
Note: A company ' s property includes its PPSA retention of title property (see the definition of property applying to Part 5.3A , in section 435B ).
442CB(2)
If:
(a) a company is under administration; and
(b) property is used or occupied by, or is in the possession of, the company; and
(c) another person is the owner of the property; and
(d) the property is subject to a retention of title clause under a contract; and
(e) the administrator is entitled to dispose of the property by way of sale;
then, in exercising a power of sale in respect of the property, the administrator must act reasonably.
442CB(3)Subsections (1) and (2) do not limit section 180 , 181 , 182 , 183 or 184 .
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