Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 8 - Pooling  

Subdivision A - Pooling determinations  

SECTION 577   ELIGIBLE UNSECURED CREDITORS MAY DECIDE TO APPROVE THE DETERMINATION OR VARIATION  

577(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 .

577(1)    

At a meeting convened under subsection (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.

577(2)    
(Repealed by No 11 of 2016, s 3, Sch 2[184] (effective 1 March 2017).)

577(3)    

If, at a meeting convened under subsection (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:

(a) the determination or variation is cancelled at the end of the meeting; and

(b) if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection (1A) of the eligible unsecured creditors of another company in the group - that other meeting is cancelled.