Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:4_442cb
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 4 cl 442CB
Character Range: 166224–167193

442CB  Property subject to a lien or pledge or to a retention of title clause—administrator's duty of care in exercising power of sale

 (1) If:
 (a) a company is under administration; and
 (b) property of the company is subject to a lien or pledge; and
 (c) the administrator is entitled to dispose of the property by way of sale;
then, in exercising a power of sale in respect of the property, the administrator must act reasonably.

 (2) If:
 (a) a company is under administration; and
 (b) property is used or occupied by, or is in the possession of, the company; and
 (c) another person is the owner of the property; and
 (d) the property is subject to a retention of title clause under a contract; and
 (e) the administrator is entitled to dispose of the property by way of sale;
then, in exercising a power of sale in respect of the property, the administrator must act reasonably.

 (3) Subsections (1) and (2) do not limit section 180, 181, 182, 183 or 184.