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

Division 10 - Execution and effect of deed of company arrangement

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

SECTION 444D   EFFECT OF DEED ON CREDITORS  

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444D(1)  [Deed binds creditors]  

A deed of company arrangement binds all creditors of the company, so far as concerns claims arising on or before the day specified in the deed under paragraph 444A(4)(i).

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S 444D(1) inserted by No 210 of 1992, s 56 (effective 23 June 1993).

444D(2)  [Realisation of securities]  

Subsection (1) does not prevent a secured creditor from realising or otherwise dealing with the security, except so far as:

(a)  the deed so provides in relation to a secured creditor who voted in favour of the resolution of creditors because of which the company executed the deed; or

(b)  the Court orders under subsection 444F(2).

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S 444D(2) inserted by No 210 of 1992, s 56 (effective 23 June 1993).

444D(3)  [Owners and lessors of property]  

Subsection (1) does not affect a right that an owner or lessor of property has in relation to that property, except so far as:

(a)  the deed so provides in relation to an owner or lessor of property who voted in favour of the resolution of creditors because of which the company executed the deed; or

(b)  the Court orders under subsection 444F(4).

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S 444D(3) inserted by No 210 of 1992, s 56 (effective 23 June 1993).

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