Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 497

             (1)  The liquidator of the company must cause a meeting of the company's creditors to be convened within 11 days after the day of the meeting of the company at which the resolution for voluntary winding up is passed.

             (2)  The liquidator must convene the meeting of the company's creditors at a date, time and place convenient to the majority in value of the creditors and must:

                     (a)  give to the creditors at least 7 days notice of the meeting; and

                     (b)  send to each creditor with the notice:

                              (i)  a summary of the affairs of the company in the prescribed form; and

                             (ii)  a list setting out the names of all creditors, the addresses of those creditors and the estimated amounts of their claims, as shown in the records of the company;

                     (c)  lodge, not less than 7 days before the day fixed for the holding of the meeting, a copy of the notice given under paragraph (a) and of the documents that accompanied that notice in accordance with paragraph (b); and

                     (d)  publish, not less than 7 days, nor more than 14 days, before the day fixed for the holding of the meeting, a copy of the notice given or to be given under paragraph (a) in each State, Territory or external Territory in which the company carries on business or has carried on business at any time during the 2 years immediately preceding that day in a daily newspaper circulating generally in that State, Territory or external Territory.

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

             (3)  Unless the Court otherwise orders, nothing in subsection (2) requires the liquidator to send, to a creditor whose debt does not exceed $1,000, a list of creditors referred to in subparagraph (2)(b)(ii), but the notice convening the meeting that is sent to a creditor to whom the liquidator is not required to send such a list must specify a place at which copies of the list referred to in that subparagraph can be obtained on request made orally or in writing and, where such a creditor so requests, the liquidator must as soon as practicable comply with the request.

             (5)  Within 7 days after the day of the meeting of the company at which the resolution for voluntary winding up is passed, the directors of the company must give the liquidator a statement, in the prescribed form, about the company's business, property, affairs and financial circumstances.

          (7A)  An offence based on subsection (5) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (8)  The creditors may appoint one of their number or the liquidator to preside at the meeting.

             (9)  The chair must, at the meeting, determine whether the meeting has been held at a date, time and place convenient to the majority in value of the creditors and his or her decision is final.

           (10)  At a meeting of creditors held under this section the creditors may determine the matters referred to in paragraphs 548(1)(a) and (b) and, where the creditors so determine those matters, a meeting of the creditors for the purposes of section 548 is taken to have been held and the determinations are taken to have been made under that section.

           (11)  At a meeting of creditors held under this section, the creditors may, by resolution:

                     (a)  remove the liquidator from office; and

                     (b)  appoint another person as liquidator instead.