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CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Division 3 - Application of Part 3 of the Insolvency Practice Schedule (Corporations) and related consequential amendments    View history reference

Subdivision G - Committees of inspection    View history reference

SECTION 1611  VALIDITY OF APPOINTMENT UNDER SECTION 548 OF THE OLD ACT NOT AFFECTED BY LACK OF SEPARATE MEETING OF CONTRIBUTORIES  

1611(1)  

The appointment of a committee of inspection under section 548 of the old Act before the commencement day is not invalid merely because a separate meeting of contributories was not convened for the purposes of determining:


(a) whether a committee of inspection should be appointed; and


(b) where a committee of inspection is to be appointed:


(i) the numbers of members to represent the creditors and the contributories, respectively; and

(ii) the persons who are to be members of the committee representing creditors and contributories, respectively.

1611(2)  

However, if:


(a) a debt or claim has been paid in the winding up of a company before the commencement day; and


(b) the priority given to the debt or claim was determined under section 556 of the Corporations Act 2001 on the basis that a committee of inspection was not validly appointed because a separate meeting of contributories was not convened for the purposes mentioned in paragraphs (1)(a) and (b); and


(c) but for subsection (1), the committee of inspection would not have been validly appointed;

the priority of the payment is not affected by subsection (1).


 



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