Section 444D(2) of the Corporations Act 2001 (Cth) preserves a secured creditor's right to realise or deal with its security, but does not reinstate provable claims that have been released by a deed of company arrangement. The right to take action against the property of the company under s 444D(2) is only exercisable where there exists a payment obligation capable of being satisfied by recourse to the security. Contingent claims that were provable under a DOCA but were released upon its termination cannot be enforced through security rights after the DOCA terminates, even where the contingency subsequently materialises.
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