Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 442C

When administrator may dispose of encumbered property

(1) The administrator of a company under administration or of a deed of company arrangement must not dispose of:

(a)
property of the company that is subject to a charge; or

(b)
property that is used or occupied by, or is in the possession of, the company but of which someone else is the owner or lessor.

(2) Subsection (1) does not prevent a disposal:

(a)
in the ordinary course of the company's business; or

(b)
with the written consent of the chargee, owner or lessor, as the case may be; or

(c)
with the leave of the Court.

(3) The Court may only give leave under paragraph (2)(c) if satisfied that arrangements have been made to protect adequately the interests of the chargee, owner or lessor, as the case may be.



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