Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p38
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 105529–108301

value of the consideration that the related creditor gave for the assignment of the debt.

       75‑115  When a resolution is passed at a meeting of creditors after a poll is demanded or required

        (1) A resolution is passed at a meeting of creditors of a company if:
           (a) a majority of the creditors voting (whether in person, by proxy or by attorney) vote in favour of the resolution; and
           (b) a majority in value of the creditors voting (whether in person, by proxy or by attorney) vote in favour of the resolution.

        (2) A resolution is not passed at a meeting of creditors of a company if:
           (a) a majority of the creditors voting (whether in person, by proxy or by attorney) vote against the resolution; and
           (b) a majority in value of the creditors voting (whether in person, by proxy or by attorney) vote against the resolution.

        (3) Subject to subsection (7), if no result is reached under subsection (1) or (2) and the resolution does not relate to the remuneration or the removal of the external administrator of the company:
           (a) the person presiding at the meeting may exercise a casting vote in favour of the resolution, in which case the resolution is passed; or
           (b) the person presiding at the meeting may exercise a casting vote against the resolution, in which case the resolution is not passed; or
           (c) if the person presiding at the meeting does not exercise a casting vote, the resolution is not passed.

        (4) If no result is reached under subsection (1) or (2) and the resolution relates to remuneration, the resolution is not passed.

        (5) If no result is reached under subsection (1) or (2) and the resolution relates to the removal of the external administrator of the company:
           (a) the external administrator may exercise a casting vote in favour of the resolution, in which case the resolution is passed; or
           (b) if paragraph (a) does not apply—the resolution is not passed.

        (6) If no result is reached under subsection (1) or (2), and the meeting is not a meeting of eligible employee creditors, the person presiding at the meeting must:
           (a) inform the meeting of the person's reasons for exercising, or not exercising, as the case may be, a casting vote under subsection (3); and
           (b) include those reasons in the minutes of the meeting.

        (7) In the case of a meeting of eligible employee creditors mentioned in paragraph 444DA(2)(a) of the Act, if no result is reached under subsection (1) or (2), the resolution is not passed.

       75‑120  When a resolution is passed at a meeting of contributories after a poll is demanded or required

        (1) A resolution is passed