Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p39
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 39/110)
Character Range: 252284–255060

is taken to include the prescribed provisions, except so far as it provides otherwise.

Execution of deed

"444B.(1) This section applies where an instrument is prepared under section 444A.

  "(2) The company must execute the instrument within:

  (a)     21 days after the end of the meeting of creditors; or

    (b)     such further period as the Court allows on an application made within those 21 days.

"(3) The board of the company may, by resolution, authorise the instrument to be executed by or on behalf of the company.

"(4) Subsection (3) has effect despite section 437C, but does not limit the functions and powers of the administrator of the company.

"(5) The administrator of the deed must execute the instrument before, or as soon as practicable after, the company executes it.

"(6) When executed by both the company and the deed's administrator, the instrument becomes a deed of company arrangement.

"(7) Division 12 provides for consequences of the company contravening subsection (2).

Creditor etc. not to act inconsistently with deed before its execution

"444C.(1) Where, at a meeting convened under section 439A, a company's creditors resolve that the company execute a deed of company arrangement, this section applies until:

    (a)     the deed is executed by both the company and the deed's administrator; or

    (b)     the period within which subsection 444B(2) requires the company to execute the deed ends;

whichever happens sooner.

"(2) In so far as a person would be bound by the deed if it had already been so executed, the person:

    (a)     must not do anything inconsistent with the deed, except with the leave of the Court; and

  (b)     is subject to section 444E.

Effect of deed on creditors

"444D.(1) A deed of company arrangement binds all creditors of the company, so far as concerns claims arising on or before the day specified in the deed under paragraph 444A(4)(i).

"(2) Subsection (1) does not prevent a secured creditor from realising or otherwise dealing with the security, except so far as:

    (a) the deed so provides in relation to a secured creditor who voted in favour of the resolution of creditors because of which the company executed the deed; or

  (b) the Court orders under subsection 444F(2).

"(3) Subsection (1) does not affect a right that an owner or lessor of property has in relation to that property, except so far as:

    (a)     the deed so provides in relation to an owner or lessor of property who voted in favour of the resolution of creditors because of which the company executed the deed; or

  (b)     the Court orders under subsection 444F(4).

Protection of company's property from persons bound by deed

"444E.(1) Until a deed of company arrangement terminates, this section