Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_578
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 578
Character Range: 97530–99087

578  When pooling determination comes into force etc.

Pooling determination

 (1) If:
 (a) a pooling determination is made in relation to a group of 2 or more companies; and
 (b) meetings are convened under section 574 of the eligible unsecured creditors of each company in the group; and
 (c) at each meeting, the eligible unsecured creditors pass a resolution, in accordance with 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

 (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 section 574 of the eligible unsecured creditors of each company in the group; and
 (d) at each meeting, the eligible unsecured creditors pass a resolution, in accordance with 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.