Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p31
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 31/110)
Character Range: 232147–234858

period, the chargee enforced the charge in relation to all property of the company subject to the charge, whether or not the charge was enforced in the same way in relation to all that property.

  "(2) This section also applies where:

  (a)     a company is under administration; and

    (b)     the same person is the chargee in relation to each of 2 or more charges on property of the company; and

  (c)     the property of the company (in this subsection called the

     'charged property') subject to the respective charges together constitutes the whole, or substantially the whole, of the company's property; and

      (d) before or during the decision period, the chargee enforced the charges in relation to all the charged property:

         (i) whether or not the charges were enforced in the same way in relation to all the charged property; and

          (ii) whether or not any of the charges was enforced in the same way in relation to all the property of the company subject to that charge; and

         (iii) in so far as the charges were enforced in relation to property of the company in a way referred to in paragraph (a), (b) or (d) of the definition of 'enforce' in section 9— whether or not the same person was appointed in respect of all of the last-mentioned property.

"(3) Nothing in section 437C or 440B, or in an order under subsection 444F(2), prevents any of the following from enforcing the charge, or any of the charges:

   (a)     the chargee;

     (b)     a receiver or person appointed as mentioned in paragraph (a), (b) or (d) of the definition of 'enforce' in section 9 as that definition applies in relation to the charge, or any of the charges (even if appointed after the decision period).

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

   (a)     the chargee; or

     (b)     a receiver or person of a kind referred to in paragraph (3)(b) of this section;

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

Where enforcement of charge begins before administration

"441B.(1) This section applies if, before the beginning of the administration of a company, a chargee, receiver or other person:

     (a)      entered into possession, or assumed control, of property of the company; or

  (b)     entered into an agreement to sell such property; 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