Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 2   Amendments relating to the Insolvency Practice Schedule (Corporations)

Part 2   Amendments consequential on the introduction of the Insolvency Practice Schedule (Corporations)

Corporations Act 2001

181   Before subsection 577(1)

Insert:

(1A) Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:

(a) make a pooling determination in relation to the group; or

(b) vary a pooling determination in force in relation to the group;

the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.

Note: For eligible unsecured creditor , see section 579Q.