436C
In forceSecured party may appoint administrator
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.3AAdministration of a company’s affairs with a view to executing a deed of company arrangement
Division 2Appointment of administrator and first meeting of creditors
436C Secured party may appoint administrator
(1)
A person who is entitled to enforce a security interest in the whole, or substantially the whole, of a company’s property may by writing appoint an administrator of the company if the security interest has become, and is still, enforceable.
(1A)
Subsection (1) applies in relation to a PPSA security interest only if the security interest is perfected within the meaning of the Personal Property Securities Act 2009.
(2)
Subsection (1) does not apply to a company if a person holds an appointment as liquidator, or provisional liquidator, of the company.
This Act’s bill:Explanatory memorandumSecond reading speech
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