Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 6 - Moratorium on action during statutory management or compulsory transfer  

Subdivision C - Protection of body corporate ' s property  

SECTION 844F   DUTIES OF COURT OFFICER IN RELATION TO PROPERTY OF A BODY CORPORATE  

844F(1)    
This section applies if an officer of a court (in this section called the court officer ), being:

(a)    a sheriff; or

(b)    the registrar or other appropriate officer of the court;

receives written notice of the fact that section 842A applies to a body corporate.

844F(2)    
While section 842A applies to a body corporate, the court officer cannot:

(a)    take action to sell property of the body corporate under a process of execution; or

(b)    pay to a person (other than the statutory manager (if any)):

(i) proceeds of selling property of the body corporate (at any time) under a process of execution; or

(ii) money of the body corporate seized (at any time) under a process of execution; or

(iii) money paid (at any time) to avoid seizure or sale of property of the body corporate under a process of execution; or

(c)    take action in relation to the attachment of a debt due to the body corporate; or

(d)    pay to a person (other than the statutory manager (if any)) money received because of the attachment of such a debt.

844F(3)    
If the body corporate is under statutory management, the court officer must:

(a)    deliver to the statutory manager any property of the body corporate that is in the court officer ' s possession under a process of execution (whenever begun); and

(b)    pay to the statutory manager all proceeds or money of a kind referred to in paragraph (2)(b) or (d) that:

(i) are in the court officer ' s possession; or

(ii) have been paid into the court and have not since been paid out.

844F(4)    
The costs of the execution or attachment are a first charge on property delivered under paragraph (3)(a) or proceeds or money paid under paragraph (3)(b) .

844F(5)    
In order to give effect to a charge under subsection (4) on proceeds or money, the court officer may retain, on behalf of the person entitled to the charge, so much of the proceeds or money as the court officer thinks necessary.

844F(6)    
The Court may, if it is satisfied that it is appropriate to do so, permit the court officer to take action, or to make a payment, that subsection (2) would otherwise prevent.

844F(7)    
A person who buys property in good faith under a sale under a process of execution gets a good title to the property as against the body corporate and the statutory manager (if any), despite anything else in this section.