Commonwealth Numbered Regulations

1990 No. 455 CORPORATIONS REGULATIONS - REG 5.6.23

5.6.23. (1) A person is not entitled to vote as a creditor at a meeting of
creditors unless:

   (a)  his or her debt or claim has been admitted wholly or in part by the
        liquidator or official manager; or

   (b)  he or she has lodged, with the chairperson of the meeting or with the
        person named in the notice convening the meeting as the person who may
        receive particulars of the debt or claim:
  (i)    those particulars; or

  (ii)   if required - a formal proof of the debt or claim.


(2) A creditor must not vote in respect of:

   (a)  an unliquidated debt; or

   (b)  a contingent debt; or

   (c)  an unliquidated or a contingent claim; or

   (d)  a debt the value of which is not established; unless a just estimate
        of its value has been made.

(3) A creditor must not vote in respect of:

   (a)  a debt or a claim on or secured by:

   (i)  a bill of exchange; or

   (ii) a promissory note; or

   (iii) any other negotiable instrument or security; held by the creditor
        unless he or she is willing:

   (b)  to treat the resulting liability to him or her of a person referred to
        in subregulation (4) as a security in his or her hands; and

   (c)  to estimate its value; and

   (d)  for the purposes of voting (but not for the purposes of dividend), to
        deduct it from his or her debt or claim.

(4) A creditor must consider every person who is liable previously to the
company who is not:

   (a)  an insolvent under administration; or

   (b)  a person against whom a winding up order has been made.