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 11 - Variation, termination and avoidance of deed

SECTION 445F   MEETING OF CREDITORS TO CONSIDER PROPOSED VARIATION OR TERMINATION OF DEED  

445F(1)  [When meeting may be convened]  

The administrator of a deed of company arrangement:

(a)  may at any time convene a meeting of the company's creditors; and

(b)  must convene such a meeting if so requested in writing by creditors the value of whose claims against the company is not less than 10% of the value of all the creditors' claims against the company.

445F(2)  [Notice of meeting]  

A meeting under this section must be convened by the deed's administrator:

(a)  giving written notice of the meeting to as many of the company's creditors as reasonable [sic] 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 5 business days before the meeting.

445F(3)  [Contents of notice]  

The notice given to a creditor under paragraph (2)(a) must:

(a)  set out each resolution (if any) under section 445A or paragraph 445C(b) that the deed's administrator proposes that the meeting vote on; and

(b)  if the meeting is convened under paragraph (1)(b) of this section - set out each proposed resolution under section 445A or paragraph 445C(b) that is set out in the request.

445F(4)  [Administrator to preside at meeting]  

At a meeting convened under this section, the deed's administrator is to preside.

445F(5)  [Adjournment of meeting]  

A meeting convened under this section may be adjourned from time to time.