three months ago CruiseEAstern Pty Ltd, a cruise shipping business, borrowed $1 billion from the Federation Bank on security over CruiseEastern Pty Ltd's fleet of cruise ships. CruiseEastern was concerned that it may need to prepare for a market downturn due to the coronavirus. Under the loan agreement federation Bank has the right to appoint a receiver to take control of the cruise ships and sell them if CruiseEastern Pty ltd defaults in making payments due on the loan.

CruiseEastern Pty Ltd has now entered voluntary administration, with Mr Smith as the Administrator.

Federation Bank understands that Mr Smith will call a creditors' meeting and recommend that the company should enter into a deed of company arrangement(DOCA). One of the terms of the DOCA will be that CruiseEastern Pty Ltd sells its cruise ships and pays each creditor(including Federation Bank) only 10% of the amount they are owed, and the remainder of the debts would be extinguished.

Federation Bank is opposed to this term specifying 10% payment to creditors in the DOCA. What rights (if any) does Federation Bank have in the circumstances?