Corporations Amendment Regulations 2007 (No. 13) (325 of 2007)

Schedule 1   Amendments

[24]   After regulation 5.6.23

insert

5.6.23A Voting status of persons by whom money is advanced to a company

(1) For this Part, a person by whom money is advanced to a company as described in section 560 of the Act is entitled to one vote at a meeting of creditors.

(2) Subregulation (1) applies whether the person has advanced money to the company:

(a) on 1 occasion only; or

(b) on more than 1 occasion in respect of the same matter; or

(c) on 1 or more occasions in respect of more than 1 matter.

Note Paragraph 560 (c) of the Act provides that a person by whom money is advanced to a company in specified circumstances has the same rights as a creditor of the company in relation to matters set out in Chapter 5 of the Act. This includes voting at a meeting of creditors of the company.