CORPORATIONS ACT 2001
Note: See section 600K.
|PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
|Division 80 - Committees of inspection
Application of this section
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
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
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
(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
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).
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.