Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

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 .


 

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