Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 577

Eligible unsecured creditors may decide to approve the determination or variation

          (1A)  Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:

                     (a)  make a pooling determination in relation to the group; or

                     (b)  vary a pooling determination in force in relation to the group;

the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.

Note:          For eligible unsecured creditor , see section 579Q.

             (1)  At a meeting convened under subsection (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.

             (3)  If, at a meeting convened under subsection (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:

                     (a)  the determination or variation is cancelled at the end of the meeting; and

                     (b)  if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection (1A) of the eligible unsecured creditors of another company in the group--that other meeting is cancelled.



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