Commonwealth Consolidated Acts

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Where enforcement of security interest begins before administration

             (1)  This section applies if, before the beginning of the administration of a company, a secured party, receiver or other person:

                     (a)  entered into possession, or assumed control, of property of the company; or

                     (b)  entered into an agreement to sell such property; or

                     (c)  made arrangements for such property to be offered for sale by public auction; or

                     (d)  publicly invited tenders for the purchase of such property; or

                     (e)  exercised any other power in relation to such property;

for the purpose of enforcing a security interest in that property.

             (2)  Nothing in section 198G, 440B, 440F, 440G or 451E, or in an order under subsection 451G(1), prevents the secured party, receiver or other person from enforcing the security interest in relation to that property.

             (3)  Section 437D does not apply in relation to a transaction or dealing that affects that property and is entered into:

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

                     (b)  in the performance or exercise of a function or power of the receiver or other person;

as the case may be.

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