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 441C   SECURITY INTEREST IN PERISHABLE PROPERTY  

Scope

441C(1)    
This section applies if perishable property of a company under administration is subject to a security interest.

Power of enforcement by secured party, receiver or controller

441C(2)    

Nothing in section 198G , 440B or 451E , or in an order under subsection 451G(1) , prevents any of the following from enforcing the security interest, so far as it is a security interest in perishable property:

(a) the secured party;

(b) a receiver or controller appointed for the purposes of Part 5.2 (whether under an instrument relating to the security interest or a court order, and even if appointed after the decision period).

441C(3)    
Section 437D does not apply in relation to a transaction or dealing that affects perishable property of the company and is entered into by:

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

(b) a receiver or controller mentioned in paragraph (2)(b) of this section, in the performance or exercise of a function or power as such a receiver or controller.