89AExercise of power of sale in relation to disclaimed properties

89A Exercise of power of sale in relation to disclaimed properties (1) This section applies in relation to the mortgaged freehold property of a bankrupt that has been disclaimed by the trustee of the estate of the bankrupt under the section 133(1) of the Bankruptcy Act 1966 (Cth) if: (a) for property in relation to which section 133(3) of that Act applies – the trustee has given notice of the disclaimer under section 133(3) of that Act; and (b) an application to a court for an order under section 133(9) of that Act in relation to the property: (i) has not been made; or (ii) has been finally dealt with by the court or withdrawn; and (c) a court has not made an order in relation to the property under section 133(9) of that Act, other than an order vesting the property in the mortgagee. (2) In addition, this section applies in relation to the mortgaged freehold property of a company that has been disclaimed by a liquidator of the company under section 568(1) of the Corporations Act 2001 (Cth) if: (a) the liquidator has complied with section 568A of that Act in relation to the disclaimer; and (b) the disclaimer is in effect under that Act; and (c) an application to a court under section 568E or 568F of that Act in relation to the property: (i) has not been made; or (ii) has been finally dealt with by the court or withdrawn; and (d) a court has not made an order in relation to the property under section 568F(1) of that Act, other than an order vesting the property in the mortgagee. (3) The disclaimer does not affect the right of the mortgagee to exercise the mortgagee's power of sale conferred by this Act or otherwise in relation to the property.

Law of Property Act 2000 58 (4) Despite section 89(1), the mortgagee may exercise the mortgagee's power of sale conferred by this Act or otherwise in relation to the property if the mortgagee has given notice, in the approved form, of the mortgagee's intention to exercise the power of sale to: (a) each person who has an interest in the property; and (b) the Registrar-General for recording in the land register. (5) The mortgagee must not exercise the power of sale until 30 days after the last of the notices mentioned in subsection (4) has been (6) Despite subsections (1) and (2), this section does not apply in relation to the exercise of a power of sale conferred on the mortgagee under the Land Title Act 2000. (7) In this section: bankrupt, see section 5(1) of the Bankruptcy Act 1966 (Cth). company means a company registered under the Corporations Act 2001 (Cth).