Corporations Amendment (Sons of Gwalia) Act 2010 (150 of 2010)

Schedule 1   Amendment of the Corporations Act 2001

1A   After subsection 411(5)

Insert:

(5A) If the compromise or arrangement:

(a) involves creditors of the Part 5.1 body with subordinate claims (within the meaning of subsection 563A(2)); and

(b) is approved by the Court;

those creditors are also bound by the compromise or arrangement despite the fact that a meeting of those creditors has not been ordered by the Court under subsection (1) or (1A).