Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p28
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 28/110)
Character Range: 224607–227411

execute a deed of company arrangement specified in the resolution (even if it differs from the proposed deed (if any) details of which accompanied the notice of meeting); or

  (b)     that the administration should end; or

  (c)     that the company be wound up.

"Division 6—Protection of company's property during administration

Winding up company

"440A.(1) A company under administration cannot be wound up voluntarily, except as provided by section 446A.

"(2) The Court is to adjourn the hearing of an application for an order to wind up a company if the company is under administration and the Court is satisfied that it is in the interests of the company's creditors for the company to continue under administration rather than be wound up.

"(3) The Court is not to appoint a provisional liquidator of a company if the company is under administration and the Court is satisfied that it is in the interests of the company's creditors for the company to continue under administration rather than have a provisional liquidator appointed.

Charge unenforceable

"440B. During the administration of a company, a person cannot enforce a charge on property of the company, except:

   (a)     with the administrator's written consent; or

   (b)     with the leave of the Court.

Owner or lessor cannot recover property used by company

"440C. During the administration of a company, the owner or lessor of property that is used or occupied by, or is in the possession of, the company cannot take possession of the property or otherwise recover it, except:

  (a)     with the administrator's written consent; or

  (b)     with the leave of the Court.

Stay of proceedings

"440D.(1) During the administration of a company, a proceeding in a court against the company or in relation to any of its property cannot be begun or proceeded with, except:

  (a)     with the administrator's written consent; or

    (b)     with the leave of the Court and in accordance with such terms (if any) as the Court imposes.

  "(2) Subsection (1) does not apply to:

  (a)     a criminal proceeding; or

  (b)     a prescribed proceeding.

Administrator not liable in damages for refusing consent

"440E. A company's administrator is not liable to an action or other proceeding for damages in respect of a refusal to give an approval or consent for the purposes of this Division.

Suspension of enforcement process

"440F. During the administration of a company, no enforcement process in relation to property of the company can be begun or proceeded with, except:

  (a)     with the leave of the Court; and

  (b)     in accordance with such terms (if any) as the Court imposes.

Duties of court officer in relation to property of company

"440G.(1) This section applies where an officer of a court (in this