The court confirmed that s 447A of the Corporations Act empowers orders affecting regulations made under Part 5.3A, not just the sections within the Part. An application for extension of time under s 266(4) to validate a charge rendered void by s 266(3) will be assessed by reference to the prejudice to unsecured creditors, and the chargee bears the onus of establishing that it is just and equitable to grant the extension. Where no further advance was made in return for the charge variation and the chargee had reason to be concerned about the chargor's solvency, the extension will not be granted. Section 451C does not preserve a transaction that is already void against a liquidator; it does not affect causes of action arising under the general law. A part payment by a guarantor does not, without more, affect the state of the account between creditor and principal debtor.
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