Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 1 Improving outcomes for creditors

Insert:

(4) If:

(a) a company is being wound up under a creditors' voluntary winding up; and

(b) the meeting of creditors has not been held under section 497;

the liquidator of the company must not exercise a power conferred by paragraph (1)(b) or (c) or (2)(m), except with the leave of the Court.