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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 5 - Meeting of creditors decides company's future  

SECTION 439A  ADMINISTRATOR TO CONVENE MEETING AND INFORM CREDITORS  

439A(1)  

The administrator of a company under administration must convene a meeting of the company's creditors within the convening period as fixed by subsection (5) or extended under subsection (6).

Note: For body corporate representatives' powers at a meeting of the company's creditors, see section 250D.

439A(2)  

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The meeting must be held within 5 business days before, or within 5 business days after, the end of the convening period.

439A(3)  

(Repealed by No 11 of 2016, s 3, Sch 2[109] (effective 1 March 2017).)

[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[109] apply in relation to external administrations on and after 1 September 2017.]

439A(4)  

(Repealed by No 11 of 2016, s 3, Sch 2[109] (effective 1 March 2017).)

[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[109] apply in relation to external administrations on and after 1 September 2017.]

439A(5)  

The convening period is:


(a) if the day after the administration begins is in December, or is less than 25 business days before Good Friday - the period of 25 business days beginning on:

(i) that day; or

(ii) if that day is not a business day - the next business day; or
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(b) otherwise - the period of 20 business days beginning on:

(i) the day after the administration begins; or

(ii) if that day is not a business day - the next business day.
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439A(6)  

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The Court may extend the convening period on an application made during or after the period referred to in paragraph (5)(a) or (b), as the case requires.

439A(7)  

If an application is made under subsection (6) after the period referred to in paragraph (5)(a) or (b), as the case may be, the Court may only extend the convening period if the Court is satisfied that it would be in the best interests of the creditors if the convening period were extended in accordance with the application.

439A(8)  

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If an application is made under subsection (6) after the period referred to in paragraph (5)(a) or (b), as the case may be, then, in making an order about the costs of the application, the Court must have regard to:


(a) the fact that the application was made after that period; and


(b) any other conduct engaged in by the administrator; and


(c) any other relevant matters.


 



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