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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 8 - Pooling    View history reference

Subdivision B - Pooling orders    View history reference

SECTION 579L  CONSOLIDATED MEETINGS OF CREDITORS  

 View history reference

579L(1)  

If:


(a) either:


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

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


(b) each company in the group is being wound up;

then, unless the Court otherwise orders:


(c) instead of convening separate meetings under or for the purposes of a particular provision of this Act, the liquidator or liquidators may convene a meeting under or for the purposes of that provision, on a consolidated basis, of the creditors of the companies in the group; and


(d) a resolution passed at a consolidated meeting by those creditors is taken to have been passed by the creditors of each of the companies in the group; and


(e) if there are 2 or more liquidators - one of those liquidators is to preside at a consolidated meeting; and


(f) notice of a consolidated meeting may be given by the liquidator or liquidators.

Note: See also Division 80 (committees of inspection) of Schedule 2.

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

579L(2)  

The regulations may make provision for or in relation to:


(a) the convening of, conduct of, and procedure and voting at, consolidated meetings of creditors; and


(b) the number of persons required to constitute a quorum at any such meeting; and


(c) the sending of notices of meetings to persons entitled to attend any such meeting; and


(d) the lodging of copies of notices of, and of resolutions passed at, any such meeting; and


(e) generally regulating the conduct of, and procedure at, any such meeting.


 



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