(1) If the administrator of a company is entitled to dispose of property of the company by way of sale, and the property is subject to a security interest, the administrator must act reasonably in exercising a power of sale in respect of the property.
Note: A company's property includes its PPSA retention of title property (see the definition of property applying to Part 5.3A, in section 435B).
(a) a company is under administration; and
(b) property is used or occupied by, or is in the possession of, the company; and
(c) another person is the owner of the property; and
(d) the property is subject to a retention of title clause under a contract; and
(e) the administrator is entitled to dispose of the property by way of sale;
then, in exercising a power of sale in respect of the property, the administrator must act reasonably.
(3) Subsections (1) and (2) do not limit section 180, 181, 182, 183 or 184.