Corporations Act 2001
Note: See section 600K .
PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 75 - Meetings CLAUSE 75-15 EXTERNAL ADMINISTRATOR MUST CONVENE MEETING IN CERTAIN CIRCUMSTANCES 75-15(1)The external administrator of a company must convene a meeting of the creditors if:
(a) where there is a committee of inspection - the committee of inspection directs the external administrator to do so; or
(b) the creditors direct the external administrator to do so by resolution; or
(c) at least 25% in value of the creditors direct the external administrator to do so in writing; or
(d) both of the following are satisfied:
(i) less than 25%, but more than 10%, in value of the creditors direct the external administrator to do so in writing;
(ii) security for the cost of holding the meeting is given to the external administrator before the meeting is convened; or
(e) all of the following are satisfied:
(i) the company is being wound up under a creditors ' voluntary winding up;
(ii) less than 25%, but more than 5%, in value of the creditors direct the external administrator to do so in writing;
(iii) none of the creditors who give the direction is a related entity in relation to the company;
(iv) the direction is given no more than 20 business days after the resolution for the voluntary winding up of the company is passed.
75-15(2)
However, the external administrator need not comply with the direction if the direction is not reasonable.
75-15(3)
The Insolvency Practice Rules may prescribe circumstances in which a direction is, or is not, reasonable.
75-15(4)
For the purposes of paragraphs (1)(c), (d) and (e), the value of the creditors is to be worked out by reference to the value of the creditors ' claims against the company that are known at the time the direction is given.
75-15(5)
This section does not apply if:
(a) the external administrator is a provisional liquidator of the company; or
(b) the external administrator is the administrator of the company and the company is under administration.
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