Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 80 - Committees of inspection  

CLAUSE 80-20   APPOINTMENT OF COMMITTEE MEMBER BY LARGE CREDITOR  

80-20(1)  
A creditor representing at least 10% in value of the creditors, or a group of creditors who together represent at least 10% in value of the creditors, of a company may appoint a person as a member of a committee of inspection in relation to the external administration of the company.

80-20(2)  
If a creditor or a group of creditors appoints a person as a member of a committee of inspection under this section, the creditor or group of creditors may:


(a) remove the person as a member of the committee; and


(b) appoint another person to fill a vacancy in the office of that member of the committee.

80-20(3)  
A creditor, acting either alone or with others, is not entitled to appoint a person as a member of a committee of inspection under subsection (1) if:


(a) the creditor votes on a resolution to appoint or remove a member of the committee under section 80-15 ; or


(b) the creditor, acting either alone or with others, appoints a member of the committee under subsection 80-25(1) ; or


(c) the creditor, acting either alone or with others, has already appointed a member of the committee under subsection (1) of this section.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.