BANKRUPTCY ACT 1966
[ CCH Note: Act No 80 of 2004, s 3 and Sch 2 item 12 contained the following transitional provision, effective 1 December 2004:
the application is a
pre-commencement annulment application
. as if those repeals had not happened and those amendments had not been made.
For the purposes of this item, if a composition or scheme of arrangement under Division 6 of Part IV of the Bankruptcy Act 1966 was annulled before 1 December 2004, the annulment is a pre-commencement annulment .
For the purposes of this item, if:
(a) an application is made before 1 December 2004 under subsection 75(4) of the Bankruptcy Act 1966 for the annulment of a composition or scheme of arrangement; and
(b) as at 1 December 2004, proceedings in relation to that application have not been finally determined;
Despite the repeals and amendments made by items 1, 2, 3, 7, 8, 9 and 10 of this Schedule and item 41 of Schedule 1, the Bankruptcy Act 1966 and regulations under that Act continue to apply, in relation to:
(a) a pre-commencement annulment; and
(b) a pre-commencement annulment application; and
(c) an annulment that results from a pre-commencement annulment application;
the application is a pre-commencement annulment application .
as if those repeals had not happened and those amendments had not been made.
This section applies to a composition or scheme of arrangement that has been accepted in accordance with this Division. Variation by special resolution of creditors 74A(2)
The creditors, with the written consent of the debtor, may vary the composition or scheme by special resolution at a meeting called for the purpose. Variation proposal by trustee 74A(3)
The trustee may, in writing, propose a variation of the composition or scheme. The trustee cannot propose a variation without the written consent of the debtor. 74A(4)
The trustee must give notice of the proposed variation to all the creditors who are entitled to receive notice of a meeting of creditors.
The notice must:
(a) include a statement of the reasons for the variation and the likely impact it will have on creditors (if it takes effect); and
(b) specify a proposed date of effect for the variation (at least 14 days after the notice is given); and
(c) state that any creditor may, by written notice to the trustee at least 2 days before the specified date, object to the variation taking effect without there being a meeting of creditors. 74A(6)
If no creditor lodges a written notice of objection with the trustee at least 2 days before the specified date, then the proposed variation takes effect on the date specified in the notice. 74A(7)
A certificate signed by the trustee stating any matter relating to a proposed variation under this section is prima facie evidence of the matter.