Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 439A

             (1)  The administrator of a company under administration must convene a meeting of the company's creditors within the convening period as fixed by subsection (5) or extended under subsection (6).

Note:          For body corporate representatives' powers at a meeting of the company's creditors, see section 250D.

             (2)  The meeting must be held within 5 business days before, or within 5 business days after, the end of the convening period.

             (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 5 business days before the meeting.

Note:          For electronic notification under paragraph (a), see section 600G.

             (4)  The notice given to a creditor under paragraph (3)(a) must be accompanied by a copy of:

                     (a)  a report by the administrator about the company's business, property, affairs and financial circumstances; and

                     (b)  a statement setting out the administrator's opinion about each of the following matters:

                              (i)  whether it would be in the creditors' interests for the company to execute a deed of company arrangement;

                             (ii)  whether it would be in the creditors' interests for the administration to end;

                            (iii)  whether it would be in the creditors' interests for the company to be wound up;

                            and also setting out:

                            (iv)  his or her reasons for those opinions; and

                             (v)  such other information known to the administrator as will enable the creditors to make an informed decision about each matter covered by subparagraph (i), (ii) or (iii); and

                     (c)  if a deed of company arrangement is proposed--a statement setting out details of the proposed deed.

Note:          For electronic notification, see section 600G.

             (5)  The convening period is:

                     (a)  if the day after the administration begins is in December, or is less than 25 business days before Good Friday--the period of 25 business days beginning on:

                              (i)  that day; or

                             (ii)  if that day is not a business day--the next business day; or

                     (b)  otherwise--the period of 20 business days beginning on:

                              (i)  the day after the administration begins; or

                             (ii)  if that day is not a business day--the next business day.

             (6)  The Court may extend the convening period on an application made during or after the period referred to in paragraph (5)(a) or (b), as the case requires.

             (7)  If an application is made under subsection (6) after the period referred to in paragraph (5)(a) or (b), as the case may be, the Court may only extend the convening period if the Court is satisfied that it would be in the best interests of the creditors if the convening period were extended in accordance with the application.

             (8)  If an application is made under subsection (6) after the period referred to in paragraph (5)(a) or (b), as the case may be, then, in making an order about the costs of the application, the Court must have regard to:

                     (a)  the fact that the application was made after that period; and

                     (b)  any other conduct engaged in by the administrator; and

                     (c)  any other relevant matters.