Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p32
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 32/110)
Character Range: 234605–237305

or

     (c)      made arrangements for such property to be offered for sale by public auction; or

  (d)     publicly invited tenders for the purchase of such property; or

   (e) exercised any other power in relation to such property;

for the purpose of enforcing a charge on that property.

"(2) Nothing in section 437C or 440B prevents the chargee, receiver or other person from enforcing the charge in relation to that property.

"(3) Section 437D does not apply in relation to a transaction or dealing that affects that property and is entered into:

   (a)     in the exercise of a power of the chargee as chargee; or

     (b)     in the performance or exercise of a function or power of the receiver or other person;

as the case may be.

Charge on perishable property

"441C.(1) This section applies where perishable property of a company under administration is subject to a charge.

  "(2) Nothing in section 437C or 440B prevents:

   (a)     the chargee; or

     (b)     a receiver or person appointed (at any time) as mentioned in paragraph (a), (b) or (d) of the definition of 'enforce' in section 9;

from enforcing the charge, so far as it is a charge on perishable property.

"(3) Section 437D does not apply in relation to a transaction or dealing that affects perishable property of the company and is entered into by:

   (a)     the chargee; or

     (b)     a receiver or person appointed (at any time) as mentioned in paragraph (a), (b) or (d) of the definition of 'enforce' in section 9;

in the performance or exercise of a function or power as chargee, or as such a receiver or person, as the case may be.

Court may limit powers of chargee, etc. in relation to charged property

  "441D.(1) This section applies if:

    (a)     for the purpose of enforcing a charge on property of a company, the chargee, or a receiver or other person, does an act of a kind referred to in a paragraph of subsection 441B(1); and

    (b)     the company is under administration when the chargee, receiver or other person does the act, or the company later begins to be under administration;

but does not apply in a case where section 441A applies.

"(2) On application by the administrator, the Court may order the chargee, receiver or other person not to perform specified functions, or exercise specified powers, except as permitted by the order.

"(3) The Court may only make an order if satisfied that what the administrator proposes to do during the administration will adequately protect the chargee's interests.

"(4) An order may only be made, and only has effect, during the administration.

  "(5) An order has effect despite sections 441B and 441C.

Giving a notice under