Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:1_440b
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 1 cl 440B
Character Range: 53379–54813

440B  Restrictions on exercise of third party property rights

General rule
 (1) During the administration of a company, the restrictions set out in the table at the end of this section apply in relation to the exercise of the rights of a person (the third party) in property of the company, or other property used or occupied by, or in the possession of, the company, as set out in the table.
Note: The property of the company includes any PPSA retention of title property of the company (see section 435B).

Exception—consent of administrator or leave of court
 (2) The restrictions set out in the table at the end of this section do not apply in relation to the exercise of a third party's rights in property if the rights are exercised:
 (a) with the administrator's written consent; or
 (b) with the leave of the Court.

Possessory security interests—continued possession
 (3) If a company's property is subject to a possessory security interest, and the property is in the lawful possession of the secured party, the secured party may continue to possess the property during the administration of the company.

Restrictions on exercise of third party rights
Item                                            If the third party is …                                                                                                                                                                                                then …