Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

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

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

Division 7 - Rights of secured party, owner or lessor  

Subdivision B - Property subject to security interests  

SECTION 441B   WHERE ENFORCEMENT OF SECURITY INTEREST BEGINS BEFORE ADMINISTRATION  

441B(1)    

This section applies if, before the beginning of the administration 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.

441B(2)    

Nothing in section 198G , 440B , 440F , 440G or 451E , or in an order under subsection 451G(1) , prevents the secured party, receiver or other person from enforcing the security interest in relation to that property.

441B(3)    
Section 437D does not apply in relation to a transaction or dealing that affects that property and is entered into:

(a) in the exercise of a power of the secured party as secured party; or

(b) in the performance or exercise of a function or power of the receiver or other person;

as the case may be.