CORPORATIONS ACT 2001
Note: See section 600K.
|PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
CLAUSE 75-43 PROPOSED CREDITORS' RESOLUTION NOT PASSED BECAUSE OF CASTING VOTE - COURT'S POWERS
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Application of this section
This section applies if:
(a) a resolution is not passed at a meeting of creditors of a company under external administration; and
(b) the resolution is not passed because the person presiding at the meeting exercises a casting vote, or refuses or fails to exercise such a vote.
Application to the Court
ASIC may apply to the Court for an order under subsection (4).
A person (other than ASIC) may apply to the Court for an order under subsection (4), but only if:
(a) the person voted for the proposed resolution in some capacity (even if the person voted against the proposed resolution in another capacity); or
(b) a person voted for the proposed resolution on the first-mentioned person's behalf.
Court may make orders
On application under subsection (2) or (3), the Court may:
(a) order that the proposed resolution is taken to have been passed at the meeting; and
(b) if it does so - make such further orders, and give such directions, as it thinks fit.
If an order is made under paragraph (4)(a), the proposed resolution:
(a) is taken for all purposes (other than those of subsection (1)) to have been passed at the meeting; and
(b) is taken to have taken effect:
(i) if the order specifies a time when the proposed resolution is taken to have taken effect - at that time, even if it is earlier than the making of the order; or
(ii) otherwise - on the making of the order.