Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 8 - Pooling  

Subdivision A - Pooling determinations  

SECTION 578   WHEN POOLING DETERMINATION COMES INTO FORCE ETC.  

Pooling determination

578(1)    
If:

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

(b) meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and

(c) at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577 , approving the making of the determination;

then:

(d) if all the resolutions were passed at the same time - the determination comes into force immediately after the resolutions were passed; or

(e) if the resolutions were passed at different times - the determination comes into force immediately after the last of those times.

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

Variation of pooling determination

578(2)    
If:

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

(b) the pooling determination is varied; and

(c) meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and

(d) at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577 , approving the making of the variation;

then:

(e) if all the resolutions were passed at the same time - the variation comes into force immediately after the resolutions were passed; or

(f) if the resolutions were passed at different times - the variation comes into force immediately after the last of those times.

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