Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 436E

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 creditors; and

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

(2) The meeting must be held within 5 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 notice of the meeting to be published:

(i)
in a national newspaper; or
(ii)
in each State or Territory in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that State or Territory;
at least 2 business days before the meeting.

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

(a)
remove the administrator from office; and

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



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