Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 75 - Meetings of creditors  

SECTION 75-15   TRUSTEE MUST CONVENE MEETING IN CERTAIN CIRCUMSTANCES  

75-15(1)    
The trustee of a regulated debtor ' s estate must convene a meeting of the creditors if:

(a)    where there is a committee of inspection - the committee of inspection directs the trustee to do so; or

(b)    the creditors direct the trustee to do so by resolution; or

(c)    at least 25% in value of the creditors direct the trustee to do so in writing; or

(d)    both of the following are satisfied:

(i) less than 25%, but more than 10%, in value of the creditors direct the trustee to do so in writing;

(ii) security for the cost of holding the meeting is given to the trustee before the meeting is convened.

75-15(2)    
However, the trustee of a regulated debtor ' s estate need not comply with the direction if the direction is not reasonable.

75-15(3)    
The Insolvency Practice Rules may prescribe circumstances in which a direction is, or is not, reasonable.

75-15(4)    
For the purposes of paragraphs (1)(c) and (d) , the value of the creditors is to be worked out by reference to the value of the creditors ' claims against the regulated debtor ' s estate that are known at the time the direction is given.