283CC
In forceDuty to inform trustee about security interests
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 2LDebentures
Part 2L.3Duties of guarantor
283CC Duty to inform trustee about security interests
If the guarantor creates a security interest, it must:
(a)
give the trustee written details of the security interest within 21 days after it is created; and
(b)
if the total amount to be advanced on the security of the security interest is indeterminate, give the trustee written details of:
(i)
the amount of each advance made within 7 days after it is made; or
(ii)
where the advances are merged in a current account with bankers, trade creditors or anyone else—the net amount outstanding on the advances at the end of every 3 months.
This Act’s bill:Explanatory memorandumSecond reading speech
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