Section 239Z — Companies Act 1993: Effect on dealing with company property

239Z Effect on dealing with company property (1) A transaction or dealing by a company in administration, or by a person on behalf of the company, that affects the company's property is void unless the transaction or dealing was entered into— (a) by the administrator, on the company's behalf; or (b) with the administrator's prior written consent; or (c) under an order of the Court. (2) The Court may validate a transaction or dealing that is void under subsection (1). (3) Subsection (1) does not apply to a payment made by a registered bank— (a) out of an account kept by the company with the bank; and (b) in good faith and in the ordinary course of the bank's banking business; and (c) on or before the day on which the bank was notified in writing by the administrator that the administration had begun, or before the bank had reason to believe that the company was in administration, whichever was earlier. (4) A director or officer of the company commits an offence if he or she— (a) purported, on the company's behalf, to enter into a transaction or dealing that is void under subsection (1); or (b) was in any other way knowingly concerned in, or party to, the void transaction or dealing, whether— (i) by act or omission; or (ii) directly or indirectly. Compare: Corporations Act 2001 (Australia) s 437D Section 239Z: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).