Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)

Schedule 1   Corporations Act 2001

Part 8   PPSA retention of title property

172   Subsection 474(1)

Repeal the subsection, substitute:

(1) If a company is being wound up in insolvency or by the Court, or a provisional liquidator of a company has been appointed:

(a) in a case in which a liquidator or provisional liquidator has been appointed - the liquidator or provisional liquidator must take into his or her custody, or under his or her control, all the property which is, or which appears to be, property of the company; or

(b) in a case in which there is no liquidator - all the property of the company is to be in the custody of the Court.

Note: Section 465 extends the meaning of the property of the company to include PPSA retention of title property, if the security interest in the property has vested in the company in certain situations.