THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 2 - Appointment of administrator and first meeting of creditors

SECTION 436E   PURPOSE AND TIMING OF FIRST MEETING OF CREDITORS  

436E(1)  [Purpose of meeting]  

The administrator of a company under administration must convene a meeting of the company's creditors in order to determine:

(a)  whether to appoint a committee of creditors; and

(b)  if so, who are to be the committee's members.

436E(2)  [When meeting to be held]  

The meeting must be held within 5 business days after the administration begins.

436E(3)  [How meeting convened]  

The administrator must convene the meeting by:

(a)  giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and

(b)  causing notice of the meeting to be published:

(i) in a national newspaper; or

(ii) in each jurisdiction in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction;

at least 2 business days before the meeting.

436E(4)  [Creditors may remove administrator]  

At the meeting, the company's creditors may also, by resolution:

(a)  remove the administrator from office; and

(b)  appoint someone else as administrator of the company.