Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 4   Fine-tuning voluntary administration

Part 2   Rights to property during administration

Corporations Act 2001

49   At the end of Division 6 of Part 5.3A

Add:

440JA Property subject to a banker's lien - exemption from this Division

If:

(a) a company is under administration; and

(b) property of the company consists of:

(i) cash in the form of notes or coins; or

(ii) a negotiable instrument; or

(iii) a security (as defined by subsection 92(1)); or

(iv) a derivative (as defined in Chapter 7); and

(c) the property is subject to a lien or pledge; and

(d) the holder of the lien or pledge is:

(i) an ADI (within the meaning of the Banking Act 1959); or

(ii) the operator of a clearing and settlement facility (within the meaning of section 768A);

this Division does not apply to the property.