Corporations Act 2001
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 3 of Part 8B.6 (for provisions relating to Division 2B ), Division 5 of Part 8B.6 (for provisions relating to Divisions 2 and 2A ) and Division 6 of Part 8B.6 (for provisions relating to Divisions 3 , 4 , 5 and 6 ).
View history note
Hide history noteScope
588FO(1)
This section applies if either of the following PPSA security interests is vested in a company under section 588FL :
(a) a PPSA security interest of a consignor under a commercial consignment;
(b) a PPSA security interest of a lessor or bailor under a PPS lease.
Entitlement to damages and compensation
588FO(2)
The consignor, lessor or bailor:
(a) is taken to have suffered damage immediately before the PPSA security interest was vested in the company; and
(b) may recover an amount of compensation from the company equal to the greater of the following amounts:
(i) the amount determined in accordance with the consignment, lease or bailment;
(ii) the sum of the market value of the consigned, leased or bailed property immediately before the critical time that applies under section 588FL , and the amount of any other damage or loss resulting from the termination of the consignment, lease or bailment.
Note: The consignor, lessor or bailor may be able to prove the amount of compensation in proceedings related to the winding up of the company.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
