Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 3   Other amendments

Part 1   Payments for property

Corporations Act 2001

1   Subsection 443B(3)

Repeal the subsection, substitute:

(3) Within 5 business days after the beginning of the administration, the administrator may give to the owner or lessor a notice that:

(a) specifies the property; and

(b) states that the company does not propose to exercise rights in relation to the property; and

(c) if the administrator:

(i) knows the location of the property; or

(ii) could, by the exercise of reasonable diligence, know the location of the property;

specifies the location of the property.

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