THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 4 - Voluntary winding up generally

SECTION 508   ANNUAL MEETING OF CREDITORS  

508(1)  [Duty of liquidator to convene meeting]  

If the winding up continues for more than 1 year, the liquidator shall:

(a)  in the case of a members' voluntary winding up - convene a general meeting of the company; or

(b)  in the case of a creditors' voluntary winding up - convene a general meeting of the company and a meeting of the creditors;

within 3 months after the end of the first year from the commencement of the winding up and the end of each succeeding year, and shall lay before the meeting or each meeting an account of his or her acts and dealings and of the conduct of the winding up during that first year or that succeeding year, as the case may be.

508(2)  [Notices of meeting]  

The liquidator shall cause the notices of the meeting of creditors to be sent by post to the creditors simultaneously with the sending of the notices of the meeting of the company.