Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p34
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 34/110)
Character Range: 239579–242336

only make an order if satisfied that what the administrator proposes to do during the administration will adequately protect the interests of the owner or lessor.

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

  "(5) An order has effect despite sections 441F and 441G.

Giving a notice under an agreement about property

"441J. Nothing in section 437C or 440C prevents a person from giving a notice to a company under an agreement relating to property that is used or occupied by, or is in the possession of, the company.

Effect of Division

"441K. Except as expressly provided, nothing in this Division limits the generality of anything else in it.

"Division 8—Powers of administrator

Additional powers of administrator

"442A. Without limiting section 437A, the administrator of a company under administration has power to do any of the following:

  (a)     remove from office a director of the company;

    (b)     appoint a person as such a director, whether to fill a vacancy or not;

    (c)     execute a document, bring or defend proceedings, or do anything else, in the company's name and on its behalf;

  (d)     whatever else is necessary for the purposes of this Part.

Dealing with property subject to a floating charge that has crystallised

"442B.(1) This section applies where a charge on property of a company under administration was a floating charge when created but has since become a fixed or specific charge.

"(2) Subject to sections 442C and 442D, the administrator may deal with any of that property as if the charge were still a floating charge.

When administrator may dispose of encumbered property

"442C.(1) The administrator of a company under administration or of a deed of company arrangement must not dispose of:

  (a) property of the company that is subject to a charge; or

     (b) property that is used or occupied by, or is in the possession of, the company but of which someone else is the owner or lessor.

  "(2) Subsection (1) does not prevent a disposal:

   (a)     in the ordinary course of the company's business; or

     (b)     with the written consent of the chargee, owner or lessor, as the case may be; or

   (c)     with the leave of the Court.

"(3) The Court may only give leave under paragraph (2)(c) if satisfied that arrangements have been made to protect adequately the interests of the chargee, owner or lessor, as the case may be.

Administrator's powers subject to powers of chargee, receiver etc.

"442D.(1) Where section 441A applies, the administrator's functions and powers are subject to the functions and powers of a person as:

  (a)     the chargee; or

    (b)     a receiver or person of a kind referred to in paragraph 441A(3)(b) (even