Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p55
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 55/73)
Character Range: 6450741–6453599

after the making of the order as if the order had not been made.

75‑50  Rules relating to meetings
 (1) The Insolvency Practice Rules may provide for and in relation to meetings concerning companies under external administration.
 (2) Without limiting subsection (1), the Insolvency Practice Rules may provide for and in relation to:
 (a) the circumstances in which meetings must or may be convened; and
 (b) notice for convening meetings; and
 (c) agenda; and
 (d) information to be given in connection with meetings; and
 (e) who is to preside at meetings; and
 (f) the number of creditors or contributories required to constitute a quorum; and
 (g) proxies and attorneys; and
 (h) motions; and
 (i) voting (including casting votes); and
 (j) the circumstances in which a resolution must or may be put to creditors or contributories in a meeting; and
 (k) the circumstances in which a resolution or a special resolution put to creditors or contributories in a meeting is passed; and
 (l) facilities, including electronic communication facilities, to be available at meetings; and
 (m) minutes; and
 (n) costs in relation to meetings and security for those costs.

Division 80—Committees of inspection

80‑1  Simplified outline of this Division

      In most cases, creditors of a company under external administration may decide that there is to be a committee of inspection to monitor the administration and to give assistance to the external administrator.
      Committees of inspection are not appointed for a company that is under restructuring or that has made a restructuring plan.
      Appointing the committee
      Each of the following have rights to appoint members to the committee (and to remove those members and fill the vacancy):
             (a) the creditors by resolution;
             (b) a single creditor who is owed, or a group of creditors who together are owed, a large amount;
             (c) a single employee who is owed, or a group of employees who together are owed, a large amount.
      Once a person exercises a right in one capacity to appoint a member, the person cannot exercise a right in another capacity to do so. A person can exercise the right in a particular capacity to appoint only one person (unless the person is filling a vacancy in that appointment).
      If a company is in a related group of companies (called a pooled group), creditors of all the companies may decide together that there is to be a committee of inspection for the group and appoint members of the committee.
      Procedures and powers
      This Division also deals with the procedures and powers of committees of inspection (including requesting information, documents and reports from the external administrator and obtaining specialist advice).
      An external administrator of a company must have regard to directions of the