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CORPORATIONS ACT 2001 - SECT 577 Eligible unsecured creditors may decide to approve the determination or variation

CORPORATIONS ACT 2001 - SECT 577

Eligible unsecured creditors may decide to approve the determination or variation

  (1A)   Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:

  (a)   make a pooling determination in relation to the group; or

  (b)   vary a pooling determination in force in relation to the group;

the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.

Note:   For eligible unsecured creditor , see section   579Q.

  (1)   At a meeting convened under subsection   (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.

  (3)   If, at a meeting convened under subsection   (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:

  (a)   the determination or variation is cancelled at the end of the meeting; and

  (b)   if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection   (1A) of the eligible unsecured creditors of another company in the group--that other meeting is cancelled.

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