Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 445D

When Court may terminate deed

(1) The Court may make an order terminating a deed of company arrangement if satisfied that:

information about the company's business, property, affairs or financial circumstances that:

was false or misleading; and
can reasonably be expected to have been material to creditors of the company in deciding whether to vote in favour of the resolution that the company execute the deed;
was given to the administrator of the company or to such creditors; or

such information was contained in a report or statement under subsection 439A(4) that accompanied a notice of the meeting at which the resolution was passed; or

there was an omission from such a report or statement and the omission can reasonably be expected to have been material to such creditors in so deciding; or

there has been a material contravention of the deed by a person bound by the deed; or

effect cannot be given to the deed without injustice or undue delay; or

the deed or a provision of it is, an act or omission done or made under the deed was, or an act or omission proposed to be so done or made would be:

oppressive or unfairly prejudicial to, or unfairly discriminatory against, one or more such creditors; or
contrary to the interests of the creditors of the company as a whole; or
the deed should be terminated for some other reason.

(2) An order may be made on the application of:

a creditor of the company; or

the company; or

any other interested person.

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