Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 64ZBA

             (1)  The trustee may at any time put a proposal to the creditors by giving a notice under this section.

             (2)  The notice must:

                     (a)  contain a single proposal; and

                     (b)  include a statement of the reasons for the proposal and the likely impact it will have on creditors (if it is passed); and

                     (c)  be given to each creditor who would be entitled under section 64A to receive notice of a meeting of creditors; and

                     (d)  invite the creditor to either:

                              (i)  vote Yes or No on the proposal; or

                             (ii)  object to the proposal being resolved without a meeting of creditors; and

                     (e)  specify a time by which replies must be received by the trustee (in order to be taken into account).

             (3)  If, within the time specified in the notice:

                     (a)  at least 1 creditor votes in writing; and

                     (b)  no other creditor objects in writing to the proposal being resolved without a meeting of creditors;

then the following provisions have effect:

                     (c)  if the proposal requires a special resolution and there is a Yes vote by a majority in number, and at least 75% in value, of those who voted within the required time--the proposal is taken to have been passed by a special resolution of creditors at a meeting;

                     (d)  if the proposal does not require a special resolution and there is a Yes vote by a majority in value of those who voted within the required time--the proposal is taken to have been passed by a resolution of creditors at a meeting;

                     (e)  in any other case--the proposal is taken not to have been passed.

             (4)  A certificate signed by the trustee stating any matter relating to a proposal under this section is prima facie evidence of the matter.