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 441B   WHERE ENFORCEMENT OF CHARGE BEGINS BEFORE ADMINISTRATION  

441B(1)  [Charge enforced before administration]  

This section applies if, before the beginning of the administration of a company, a chargee, receiver or other person:

(a)  entered into possession, or assumed control, of property of the company; or

(b)  entered into an agreement to sell such property; or

(c)  made arrangements for such property to be offered for sale by public auction; or

(d)  publicly invited tenders for the purchase of such property; or

(e)  exercised any other power in relation to such property;

for the purpose of enforcing a charge on that property.

441B(2)  [Chargee etc may enforce charge]  

Nothing in section 437C or 440B prevents the chargee, receiver or other person from enforcing the charge in relation to that property.

441B(3)  [Sec 437D]  

Section 437D does not apply in relation to a transaction or dealing that affects that property and is entered into:

(a)  in the exercise of a power of the chargee as chargee; or

(b)  in the performance or exercise of a function or power of the receiver or other person;

as the case may be.