CORPORATIONS ACT 2001
|CHAPTER 5 - EXTERNAL ADMINISTRATION
|PART 5.6 - WINDING UP GENERALLY
Div 8 inserted by No 132 of 2007, s 3, Sch 1, Pt 4 (effective 31 December 2007).
(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 apply in relation to external administrations on and after 1 September 2017.]
S 579L(1) amended by No 11 of 2016, s 3, Sch 2 (effective 1 March 2017).
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.
S 579L inserted by No 132 of 2007, s 3, Sch 1, Pt 4.