Selling Assets Without A Secured Creditor’s Consent - Glen Cussen
Glen Cussen, Partner, Cussen Advisory
Caledon Coal Group – A Case Study
The liquidators of the Caledon Coal Group successfully secured orders from the Supreme Court of Queensland under section 99 (2) of the Property Law Act (Qld) (similar provisions in other states) facilitating a sale of property free of the security interest of a secured creditor who refused to consent to the sale and agree to release its security. We look at the case, issues and consider the Court’s power to make an order for sale and how else the circumstances, and ability to sell, may be utilised.
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