Commonwealth Consolidated Acts

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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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