New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 345

345 Court ordered meeting of creditors

(1) If a compromise or arrangement is proposed between a co-operative and any of its creditors, the Court may on application by an appropriate person order a meeting or meetings of the creditors concerned.

(2) An appropriate person to make application for such an order is the co-operative, any member of the co-operative, any of the creditors concerned or, in the case of a co-operative being wound up, the liquidator.

(3) The meeting is to be convened in such manner and be held in such place or places (in the State or elsewhere) as the Court directs.

(4) In considering whether to make an order for a meeting to be held in another jurisdiction, the Court must have regard to where creditors concerned reside.