420A
In forceController’s duty of care in exercising power of sale
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.2Receivers, and other controllers, of property of corporations
420A Controller’s duty of care in exercising power of sale
(1)
In exercising a power of sale in respect of property of a corporation, a controller must take all reasonable care to sell the property for:
(a)
if, when it is sold, it has a market value—not less than that market value; or
(b)
otherwise—the best price that is reasonably obtainable, having regard to the circumstances existing when the property is sold.
(2)
Nothing in subsection (1) limits the generality of anything in section 180, 181, 182, 183 or 184.
This Act’s bill:Explanatory memorandumSecond reading speech
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