CORPORATIONS ACT 2001
Note: See section 600K.
|PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
Application of this section
This section applies if:
(a) a resolution is passed at a meeting of creditors of a company under external administration; and
(b) the resolution is passed because the person presiding at the meeting exercises a casting vote.
Application to the Court
ASIC may apply to the Court for an order setting aside or varying the resolution.
A person (other than ASIC) may apply to the Court for an order setting aside or varying the resolution, but only if:
(a) the person voted against the resolution in some capacity (even if the person voted for the resolution in another capacity); or
(b) a person voted against the resolution on the first-mentioned person's behalf.
Court may make orders
On application under subsection (2) or (3), the Court may:
(a) by order set aside or vary the resolution; and
(b) if it does so - make such further orders, and give such directions, as it thinks fit.
On and after the making of an order varying the resolution, the resolution has effect as varied by the order.