(1) This section applies if, before the beginning of the administration of a company, a receiver or other person:
(a) entered into possession, or assumed control, of property used or occupied by, or in the possession of, the company; or
(b) exercised any other power in relation to such property;
for the purpose of enforcing a right of the owner or lessor of the property to take possession of the property or otherwise recover it.
(2) Nothing in section 198G or 440B prevents the receiver or other person from performing a function, or exercising a power, in relation to the property.
(3) Section 437D does not apply in relation to a transaction or dealing that affects the property and is entered into in the performance or exercise of a function or power of the receiver or other person.