Section 454D — Corporations Act 2001: Where enforcement of security interest begins before restructuring

(1) This section applies if, before the beginning of the restructuring of a company, a secured party, receiver or other person: (a) entered into possession, or assumed control, of property of the company; or (b) entered into an agreement to sell such property; or (c) made arrangements for such property to be offered for sale by public auction; or (d) publicly invited tenders for the purchase of such property; or (e) exercised any other power in relation to such property; for the purpose of enforcing a security interest in that property. (2) Nothing in section 453K, 453R, 453T, 453U or 454N, or in an order made under subsection 454P(1), prevents the secured party, receiver or other person from enforcing the security interest in relation to that property.