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CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

Note: See section 600K.

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 80 - Committees of inspection  

CLAUSE 80-26  COMMITTEE OF INSPECTION - POOLED GROUPS  

 View history reference

Application of this section

80-26(1)  

This section applies if each company that is a member of a pooled group is being wound up.

Meeting to form a committee of inspection for a pooled group

80-26(2)  

The external administrator or external administrators must, if directed to do so under section 80-27, convene a meeting, on a consolidated basis, of the creditors of all of the companies for the purposes of determining either or both of the following:


(a) whether there is to be a committee of inspection for the pooled group;


(b) if there is, or is to be, a committee of inspection for the pooled group - who are to be appointed members of the committee.

Committee of inspection for a pooled group becomes the committee of inspection for each member of the pooled group

80-26(3)  

A committee of inspection for a pooled group is taken to be a committee of inspection for each company that is a member of the pooled group.

Existing committee of inspection for a member of a pooled group ceases to exist

80-26(4)  

If:


(a) at the meeting, it is resolved that there is to be a committee of inspection for the pooled group; and


(b) immediately before the meeting, a committee of inspection was in existence for a company that is a member of the pooled group;

the committee mentioned in paragraph (b) ceases to exist when the resolution mentioned in paragraph (a) is passed.

Rules relating to companies under external administration who are members of a pooled group

80-26(5)  

The Insolvency Practice Rules may provide for and in relation to meetings in relation to the external administration of companies that are members of a pooled group (pooled group meetings).

80-26(6)  

Without limiting subsection (5), the Insolvency Practice Rules may provide for and in relation to:


(a) other circumstances in which pooled group meetings must or may be convened; and


(b) voting (including casting votes) at pooled group meetings; and


(c) the circumstances in which a resolution or a special resolution put to creditors or contributories in a pooled group meeting is passed; and


(d) costs in relation to pooled group meetings and security for those costs.

 



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