Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 8 - Pooling  

Subdivision A - Pooling determinations  

SECTION 577   ELIGIBLE UNSECURED CREDITORS MAY DECIDE TO APPROVE THE DETERMINATION OR VARIATION  

577(1A)  
Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:


(a) make a pooling determination in relation to the group; or


(b) vary a pooling determination in force in relation to the group;

the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.

Note: For eligible unsecured creditor , see section 579Q .

577(1)  


At a meeting convened under subsection (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.

577(2)  
(Repealed by No 11 of 2016, s 3, Sch 2[184] (effective 1 March 2017).)

577(3)  


If, at a meeting convened under subsection (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:


(a) the determination or variation is cancelled at the end of the meeting; and


(b) if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection (1A) of the eligible unsecured creditors of another company in the group - that other meeting is cancelled.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.