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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 8 - Pooling    View history reference

Subdivision A - Pooling determinations    View history reference

SECTION 577  ELIGIBLE UNSECURED CREDITORS MAY DECIDE TO APPROVE THE DETERMINATION OR VARIATION  

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577(1A)  

Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:


(a) make a pooling determination in relation to the group; or


(b) vary a pooling determination in force in relation to the group;

the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.

Note: For eligible unsecured creditor, see section 579Q.

[CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[181] apply in relation to external administrations on and after 1 September 2017.]

577(1)  

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At a meeting convened under subsection (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.

[CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[182] apply in relation to external administrations on and after 1 September 2017.]

[CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[183] apply in relation to external administrations on and after 1 September 2017.]

577(2)  

(Repealed by No 11 of 2016, s 3, Sch 2[184] (effective 1 March 2017).)

[CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[184] apply in relation to external administrations on and after 1 September 2017.]

577(3)  

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If, at a meeting convened under subsection (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:


(a) the determination or variation is cancelled at the end of the meeting; and


(b) if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection (1A) of the eligible unsecured creditors of another company in the group - that other meeting is cancelled.

[CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[185] apply in relation to external administrations on and after 1 September 2017.]


 



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