Commonwealth Consolidated Acts

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Court may cancel or confirm variation

  (1)   If:

  (a)   a pooling determination is in force in relation to a group of 2 or more companies; and

  (b)   the determination is varied; and

  (c)   the variation has come into force;

either of the following persons may apply to the Court for an order cancelling the variation:

  (d)   a creditor of a company in the group;

  (e)   in a case where a company in the group is being wound up under a members' voluntary winding up--a member of the company, so long as the member is not a company in the group.

  (2)   On an application, the Court:

  (a)   may make an order cancelling the variation, or confirming it, either wholly or in part, on such conditions (if any) as the order specifies; and

  (b)   may make such other orders as it thinks appropriate.

  (3)   If the Court makes an order under subsection   (2), the applicant for the order must:

  (a)   lodge with ASIC a notice setting out the text of the order; and

  (b)   do so within 2 business days after the making of the order.

The notice must be in the prescribed form.

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