Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision F - Rights of secured party, owner or lessor during restructuring  

SECTION 454D   WHERE ENFORCEMENT OF SECURITY INTEREST BEGINS BEFORE RESTRUCTURING  

454D(1)    
This section applies if, before the beginning of the restructuring of a company, a secured party, 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 security interest in that property.

454D(2)    
Nothing in section 453K , 453R , 453T , 453U or 454N , or in an order made under subsection 454P(1) , prevents the secured party, receiver or other person from enforcing the security interest in relation to that property.