Commonwealth Consolidated Acts

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Secured party may appoint administrator

             (1)  A person who is entitled to enforce a security interest in the whole, or substantially the whole, of a company's property may by writing appoint an administrator of the company if the security interest has become, and is still, enforceable.

          (1A)  Subsection (1) applies in relation to a PPSA security interest only if the security interest is perfected within the meaning of the Personal Property Securities Act 2009 .

             (2)  Subsection (1) does not apply to a company if a person holds an appointment as liquidator, or provisional liquidator, of the company.

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