Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 579L

  (1)   If:

  (a)   either:

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

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

  (b)   each company in the group is being wound up;

then, unless the Court otherwise orders:

  (c)   instead of convening separate meetings under or for the purposes of a particular provision of this Act, the liquidator or liquidators may convene a meeting under or for the purposes of that provision, on a consolidated basis, of the creditors of the companies in the group; and

  (d)   a resolution passed at a consolidated meeting by those creditors is taken to have been passed by the creditors of each of the companies in the group; and

  (e)   if there are 2 or more liquidators--one of those liquidators is to preside at a consolidated meeting; and

  (f)   notice of a consolidated meeting may be given by the liquidator or liquidators.

Note:   See also Division   80 (committees of inspection) of Schedule   2.

  (2)   The regulations may make provision for or in relation to:

  (a)   the convening of, conduct of, and procedure and voting at, consolidated meetings of creditors; and

  (b)   the number of persons required to constitute a quorum at any such meeting; and

  (c)   the sending of notices of meetings to persons entitled to attend any such meeting; and

  (d)   the lodging of copies of notices of, and of resolutions passed at, any such meeting; and

  (e)   generally regulating the conduct of, and procedure at, any such meeting.