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 D - Conduct of company during restructuring  

SECTION 453K   CONTROL OF COMPANY UNDER RESTRUCTURING  

453K(1)    
Subject to this Part, while a company is under restructuring the company has control of the company ' s business, property and affairs.

453K(2)    
While a company is under restructuring, a receiver or controller appointed for the purposes of Part 5.2 (whether under an instrument relating to a security interest or a court order) may only perform the functions and exercise the powers of a receiver or controller in relation to a security interest if:

(a)    section 454C , 454D or 454E applies to the enforcement of the security interest; or

(b)    section 454K or 454L applies to the enforcement of a right, or the performance or exercise of a function or power, over property to which the security interest relates.