Section 239ACV — Companies Act 1993: Court may restrain creditors and others from enforcing charge or recovering property

239ACV Court may restrain creditors and others from enforcing charge or recovering property (1) The Court may, at any time after creditors have resolved at the watershed meeting that a deed of company arrangement be executed, order that, except as permitted by the order,— (a) a secured creditor must not enforce or otherwise deal with the charge; or (b) the owner or lessor of property that is used or occupied by the company or is in the company's possession must not take possession of the property or otherwise recover it. (2) The Court may make the order only if— (a) it is satisfied that achieving the purposes of the deed would be materially adversely affected if the order was not made; and (b) having regard to the terms of the deed and the order, and any other relevant matter, it is satisfied that the interests of the person affected by the order, that is the creditor, property owner, or lessor, will be adequately protected. (3) An application for an order under this section may be made only,— (a) if the deed has not yet been executed, by the administrator; or (b) if the deed has been executed, by the deed administrator. (4) The Court's order may be made subject to conditions. Compare: Corporations Act 2001 (Australia) s 444F Section 239ACV: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).