Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p27
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 27/110)
Character Range: 222033–224858

convene meeting and inform creditors

"439A.(1) The administrator of a company under administration must convene a meeting of the company's creditors within the convening period as fixed by subsection (5) or extended under subsection (6).

"(2) The meeting must be held within 5 business days after the end of the convening period.

  "(3) The administrator must convene the meeting by:

     (a)     giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and

   (b)     causing notice of the meeting to be published:

       (i) in a national newspaper; or

          (ii) in each jurisdiction in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction;

at least 5 business days before the meeting.

"(4) The notice given to a creditor under paragraph (3)(a) must be accompanied by a copy of:

     (a)     a report by the administrator about the company's business, property, affairs and financial circumstances; and

     (b)     a statement setting out the administrator's opinion about each of the following matters:

         (i) whether it would be in the creditors' interests for the company to execute a deed of company arrangement;

          (ii) whether it would be in the creditors' interests for the administration to end;

         (iii) whether it would be in the creditors' interests for the company to be wound up;

     and his or her reasons for those opinions; and

     (c) if a deed of company arrangement is proposed—a statement setting out details of the proposed deed.

  "(5) The convening period is:

    (a)     if the administration begins on a day that is in December, or is less than 28 days before Good Friday—the period of 28 days beginning on that day; or

    (b)     otherwise—the period of 21 days beginning on the day when the administration begins.

"(6) The Court may extend the convening period on an application made within the period referred to in paragraph (5)(a) or (b), as the case requires.

Conduct of meeting

"439B.(1) At a meeting convened under section 439A, the administrator is to preside.

"(2) A meeting convened under section 439A may be adjourned from time to time, but cannot be adjourned to a day that is more than 60 days after the first day on which the meeting was held, even if no resolution under section 439C has been passed at the meeting.

What creditors may decide

"439C. At a meeting convened under section 439A, the creditors may resolve:

    (a)     that the company execute a deed of company arrangement specified in the resolution (even if it differs from the proposed deed (if any) details of which accompanied the notice of meeting); or

  (b)     that the administration should end; or

  (c)     that the company