THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.9 - MISCELLANEOUS
Division 3 - Provisions applying to various kinds of external administration
(i) in the case of a company - a meeting of creditors of the company held:(A) under Part 5.3A or a deed of company arrangement executed by the company; or(B) in connection with winding up the company; or
(ii) in the case of a Part 5.1 body - a meeting of creditors, or of a class of creditors, of the body held under Part 5.1; and(b) that, if the vote or votes that a particular related creditor, or particular related creditors, of the company or body cast on the proposed resolution had been disregarded for the purposes of determining whether or not the proposed resolution was passed, the proposed resolution:
(i) if it was in fact passed - would not have been passed; or
(ii) if in fact it was not passed - would have been passed;or the question would have had to be decided on a casting vote; and (c) that the passing of the proposed resolution, or the failure to pass it, as the case requires:
(i) is contrary to the interests of the creditors as a whole or of that class of creditors as a whole, as the case may be; or
(ii) has prejudiced, or is reasonably likely to prejudice, the interests of the creditors who voted against the proposed resolution, or for it, as the case may be, to an extent that is unreasonable having regard to:(A) the benefits resulting to the related creditor, or to some or all of the related creditors, from the resolution, or from the failure to pass the proposed resolution, as the case may be; and(B) the nature of the relationship between the related creditor and the company or body, or of the respective relationships between the related creditors and the company or body; and(C) any other relevant matter.
(i) the proposed resolution; or
(ii) a resolution to amend or vary the proposed resolution;(d) such other orders as the Court thinks necessary.
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