This note is not part of the order, but is intended to indicate its general effect.
This order brings into force, on 1 May 2002, the Receiverships Amendment Act 2001. This Act is related to the Personal Property Securities Act 1999, which also comes into force on 1 May 2002.
The Receiverships Amendment Act 2001 amends the Receiverships Act 1993 (the principal Act) to (among other things)—
•amend section 28 of the principal Act, which relates to the obligation on receivers to report the suspected commission of certain offences. The amendment establishes a requirement that the offence is material to the receivership and specifies that the report and any related communications are protected by absolute privilege; and
•amend section 30 of the principal Act (which relates to preferential claims) as a consequence of the Personal Property Securities Act 1999 coming into force; and
•insert new section 30A into the principal Act. New section 30A provides for the extinguishment of all subordinate security interests in property and its proceeds after the property has been disposed of by a receiver.