THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

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History

Pt 5.3A inserted by No 210 of 1992, s 56 (effective 23 June 1993).

Division 8 - Powers of administrator

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Heading inserted by No 210 of 1992, s 56 (effective 23 June 1993).

SECTION 442C   WHEN ADMINISTRATOR MAY DISPOSE OF ENCUMBERED PROPERTY  

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442C(1)  [Charged property, etc]  

The administrator of a company under administration or of a deed of company arrangement must not dispose of:

(a)  property of the company that is subject to a charge; or

(b)  property that is used or occupied by, or is in the possession of, the company but of which someone else is the owner or lessor.

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S 442C(1) inserted by No 210 of 1992, s 56 (effective 23 June 1993).

442C(2)  [Disposal in ordinary course of business, etc]  

Subsection (1) does not prevent a disposal:

(a)  in the ordinary course of the company's business; or

(b)  with the written consent of the chargee, owner or lessor, as the case may be; or

(c)  with the leave of the Court.

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S 442C(2) inserted by No 210 of 1992, s 56 (effective 23 June 1993).

442C(3)  [Protection of interests of chargee, etc]  

The Court may only give leave under paragraph (2)(c) if satisfied that arrangements have been made to protect adequately the interests of the chargee, owner or lessor, as the case may be.

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S 442C(3) inserted by No 210 of 1992, s 56 (effective 23 June 1993).

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