Administrator’s powers subject to powers of secured party, receiver or controller
442D Administrator’s powers subject to powers of secured party, receiver or controller
Where section 441A applies, the administrator’s functions and powers are subject to the functions and powers of a person as:
the secured party; or
a receiver or controller appointed under Part 5.2 (whether under an instrument relating to the security interest or a court order, and even if appointed after the decision period).
Where section 441C applies, then, so far as concerns perishable property of the company, the administrator’s functions and powers are subject to the functions and powers of a person as:
the secured party; or
a receiver or controller appointed under Part 5.2 (whether under an instrument relating to the security interest or a court order, and even if appointed after the decision period).
Where section 441B, 441F or 441G applies, then, so far as concerns the property referred to in subsection 441B(1), 441F(1) or 441G(1), the administrator’s functions and powers are subject to the functions and powers of the secured party, receiver or controller.
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