CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 8 - Pooling  

Subdivision A - Pooling determinations  

SECTION 579B   COURT MAY CANCEL OR CONFIRM VARIATION  

579B(1)  
If:


(a) a pooling determination is in force in relation to a group of 2 or more companies; and


(b) the determination is varied; and


(c) the variation has come into force;

either of the following persons may apply to the Court for an order cancelling the variation:


(d) a creditor of a company in the group;


(e) in a case where a company in the group is being wound up under a members ' voluntary winding up - a member of the company, so long as the member is not a company in the group.

579B(2)  
On an application, the Court:


(a) may make an order cancelling the variation, or confirming it, either wholly or in part, on such conditions (if any) as the order specifies; and


(b) may make such other orders as it thinks appropriate.

579B(3)  
If the Court makes an order under subsection (2), the applicant for the order must:


(a) lodge with ASIC a notice setting out the text of the order; and


(b) do so within 2 business days after the making of the order.

The notice must be in the prescribed form.


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