Court may limit powers of receiver etc. in relation to property used by company
454M Court may limit powers of receiver etc. in relation to property used by company
This section applies if:
for the purpose of enforcing a right of the owner or lessor of property used or occupied by, or in the possession of, a company to take possession of the property or otherwise recover it, a person:
enters into possession, or assumes control, of the property; or
exercises any other power in relation to the property; and
the company is under restructuring when the person does so, or the company later begins to be under restructuring.
On application by the restructuring practitioner, the Court may order the person not to perform specified functions, or exercise specified powers, in relation to the property, except as permitted by the order.
The Court may only make an order if satisfied that the interests of the owner or lessor will be adequately protected during the restructuring of the company.
An order may only be made, and only has effect, during the restructuring.
An order has effect despite sections 454K and 454L.
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