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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

Division 2 - Appointment of administrator and first meeting of creditors  

SECTION 436E  PURPOSE AND TIMING OF FIRST MEETING OF CREDITORS  

436E(1)  

The administrator of a company under administration must convene a meeting of the company's creditors in order to determine:


(a) whether to appoint a committee of inspection; and

[CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[103] apply in relation to external administrations on and after 1 September 2017.]


(b) if so, who are to be the committee's members.

436E(2)  

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The meeting must be held within 8 business days after the administration begins.

436E(3)  

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The administrator must convene the meeting by:


(a) giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and


(b) causing a notice setting out the prescribed information about the meeting to be published in the prescribed manner;
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at least 5 business days before the meeting.

Note: For electronic notification under paragraph (a), see section 600G.

436E(3A)  

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A notice under paragraph (3)(b) that relates to a company may be combined with a notice under paragraph 450A(1)(b) that relates to the company.

436E(4)  

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At the meeting, the company's creditors may also pass a resolution:


(a) removing the administrator from office; and


(b) appointing someone else as administrator of the company.


 



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