Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p37
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 92295–94788

control of property of a company for the purposes of enforcing a charge created by the company,
shall be taken, for the purposes of sub-section (1), to take a step in the enforcement of the charge.
"(3) On application by the chargee under a charge, the Court may, if it is satisfied that—
     (a) immediately after the creation of the charge, the company that created the charge was solvent; and
     (b) in all the circumstances of the case, it is just and equitable for the Court to do so,
give leave for the charge to be enforced.
"(4) Nothing in sub-section (1) affects a debt, liability or obligation of a company that would, if that sub-section had not been enacted, have been secured by a charge created by the company.
"(5) Nothing in sub-section (1) operates to affect the title of a person to property (other than the charge concerned or an interest in the charge concerned) purchased for value from a chargee under a charge, from an agent of a chargee under a charge, or from a receiver appointed by a chargee under a charge in the exercise of powers conferred by the charge or implied by law, if that person purchased the property in good faith and without notice that the charge was created in favour of a person who is, or in favour of persons at least one of whom is, as the case may be, a relevant person in relation to the charge.

"(6) The onus of proving that a person purchased property in good faith and without notice that a charge was created as mentioned in sub-section (5) is on the person asserting that the property was so purchased.
"(7) In this section—
'chargee', in relation to a charge, means—
         (a) in any case—the holder, or all or any of the holders, of the charge; or
         (b) in the case of a charge that is an agreement to give or execute a charge in favour of a person or persons, whether upon demand or otherwise—that person, or all or any of those persons;
     'officer', in relation to a company, includes, in the case of a registered foreign company, an agent of the registered foreign company as defined in Division 5 of Part XIII;
     'receiver' includes a receiver and manager;
     'relevant person', in relation to a charge created by a company, means—
         (a) a person who is at the time when the charge is created, or who has been at any time during the period of 6 months ending at that time, an officer of the company; or
         (b) a person associated, in relation to the creation of the charge, with a person of a kind