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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