Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 453K

Control of company under restructuring

  (1)   Subject to this Part, while a company is under restructuring the company has control of the company's business, property and affairs.

  (2)   While a company is under restructuring, a receiver or controller appointed for the purposes of Part   5.2 (whether under an instrument relating to a security interest or a court order) may only perform the functions and exercise the powers of a receiver or controller in relation to a security interest if:

  (a)   section   454C, 454D or 454E applies to the enforcement of the security interest; or

  (b)   section   454K or 454L applies to the enforcement of a right, or the performance or exercise of a function or power, over property to which the security interest relates.


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