Commonwealth Consolidated Acts

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Purpose and timing of first meeting of creditors

             (1)  The administrator of a company under administration must convene a meeting of the company's creditors in order to determine:

                     (a)  whether to appoint a committee of inspection; and

                     (b)  if so, who are to be the committee's members.

             (2)  The meeting must be held within 8 business days after the administration begins.

             (3)  The administrator must convene the meeting by:

                     (a)  giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and

                     (b)  causing a notice setting out the prescribed information about the meeting to be published in the prescribed manner;

at least 5 business days before the meeting.

          (3A)  A notice under paragraph (3)(b) that relates to a company may be combined with a notice under paragraph 450A(1)(b) that relates to the company.

             (4)  At the meeting, the company's creditors may also pass a resolution:

                     (a)  removing the administrator from office; and

                     (b)  appointing someone else as administrator of the company.

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