(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.