Commonwealth Consolidated Acts

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Court may limit powers of secured party etc. in relation to secured property

  (1)   This section applies if:

  (a)   for the purpose of enforcing a security interest in property of a company, the secured party, or a receiver or other person, does or proposes to do an act of a kind referred to in a paragraph of subsection   441B(1); and

  (b)   the company is under administration when the secured party, receiver or other person does or proposes to do the act, or the company later begins to be under administration;

but does not apply in a case where section   441A applies.

  (2)   On application by the administrator, the Court may order the secured party, receiver or other person not to perform specified functions, or exercise specified powers, except as permitted by the order.

  (3)   The Court may only make an order if satisfied that what the administrator proposes to do during the administration will adequately protect the secured party's interests.

  (4)   An order may only be made, and only has effect, during the administration.

  (5)   An order has effect despite sections   441B and 441C.

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