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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 578  WHEN POOLING DETERMINATION COMES INTO FORCE ETC.  

 View history reference

Pooling determination

578(1)  

If:


(a) a pooling determination is made in relation to a group of 2 or more companies; and


(b) meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and

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


(c) at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577, approving the making of the determination;

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

then:


(d) if all the resolutions were passed at the same time - the determination comes into force immediately after the resolutions were passed; or


(e) if the resolutions were passed at different times - the determination comes into force immediately after the last of those times.

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

Variation of pooling determination

578(2)  

If:


(a) a pooling determination is in force in relation to a group of 2 or more companies; and


(b) the pooling determination is varied; and


(c) meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and
 View history reference

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


(d) at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577, approving the making of the variation;
 View history reference

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

then:


(e) if all the resolutions were passed at the same time - the variation comes into force immediately after the resolutions were passed; or


(f) if the resolutions were passed at different times - the variation comes into force immediately after the last of those times.

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


 



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