Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

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.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback