CORPORATIONS REGULATIONS 1990 (REPEALED)

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

REGULATION 5.6.24   VOTES OF SECURED CREDITORS  

5.6.24(1)    
For the purposes of voting, a secured creditor must state in the creditor ' s proof of debt or claim:

(a) the particulars of his or her security; and

(b) the date when it was given; and

(c) the creditor ' s estimate of the value of the security;

unless he or she surrenders the security.

5.6.24(2)    
A creditor is entitled to vote only in respect of the balance, if any, due to him or her after deducting the value of his or her security as estimated by him or her in accordance with regulation 5.6.41.

5.6.24(3)    
If a secured creditor votes in respect of his or her whole debt or claim, the creditor must be taken to have surrendered his or her security unless the Court on application is satisfied that the omission to value the security has arisen from inadvertence.

5.6.24(4)    
This regulation does not apply to a meeting of creditors convened under Part 5.3A of the Corporations Law.