Corporations Act 2001
Note: See section 600K .
PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 75 - Meetings SECTION 75-42 CREDITORS ' RESOLUTION PASSED BECAUSE OF CASTING VOTE - COURT REVIEWApplication of this section
75-42(1)
This section applies if:
(a) a resolution is passed at a meeting of creditors of a company under external administration; and
(b) the resolution is passed because the person presiding at the meeting exercises a casting vote.
Application to the Court
75-42(2)
ASIC may apply to the Court for an order setting aside or varying the resolution.
75-42(3)
A person (other than ASIC) may apply to the Court for an order setting aside or varying the resolution, but only if:
(a) the person voted against the resolution in some capacity (even if the person voted for the resolution in another capacity); or
(b) a person voted against the resolution on the first-mentioned person ' s behalf.
Court may make orders
75-42(4)
On application under subsection (2) or (3), the Court may:
(a) by order set aside or vary the resolution; and
(b) if it does so - make such further orders, and give such directions, as it thinks fit.
75-42(5)
On and after the making of an order varying the resolution, the resolution has effect as varied by the order.
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