Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p51
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 51/73)
Character Range: 6441032–6443783

(a) a company under restructuring; or
 (b) a company that has made a restructuring plan that has not yet terminated.
 (2) However, the restructuring practitioner for a company, or for a restructuring plan, may convene a meeting of the creditors if the restructuring practitioner is satisfied that:
 (a) there are exceptional circumstances; and
 (b) it is in the interests of the creditors to do so.

75‑25  External administrator's representative at meetings
 (1) The external administrator of a company may, in writing, appoint a person to represent the external administrator at a meeting.
 (2) Subsection (1) does not apply to a meeting of a kind prescribed.
 (3) If the external administrator is not personally present at a meeting, then a reference in a provision of this Act to the external administrator of a company, in respect of matters occurring at or in connection with the meeting, is a reference to a person appointed to represent the external administrator at the meeting.

75‑30  ASIC may attend meetings
 (1) ASIC is entitled to attend any meeting of creditors or contributories held under this Act.
 (2) Subject to any provision of this Act (including any provision in relation to voting), ASIC is entitled to participate in any meeting of creditors held under this Act.

75‑35  Commonwealth may attend certain meetings etc.

Application of this section
 (1) This section applies if:
 (a) a company is under external administration; and
 (b) either:
 (i) a former employee of the company has made a claim for financial assistance from the Commonwealth in relation to unpaid employment entitlements; or
 (ii) the Commonwealth considers that such a claim is likely to be made.

Commonwealth may nominate representative for meetings
 (2) The Commonwealth is entitled to nominate a representative to attend any meeting of creditors or contributories held in relation to the external administration.

75‑40  Proposals to creditors or contributories without meeting

Proposal by notice to creditors
 (1) The external administrator of a company may at any time put a proposal to the creditors or contributories by giving notice, in writing, under this section.

Content and service of notice
 (2) The notice must:
 (a) contain a single proposal; and
 (b) include a statement of the reasons for the proposal and the likely impact it will have on creditors or contributories, as the case may be (if it is passed); and
 (c) be given to each creditor or contributory, as the case may be, who would be entitled to receive notice of a meeting of creditors or contributories, as the case may be; and
 (d) invite the creditor or contributory, as the case may be, to either:
 (i) vote Yes or No on the proposal; or
 (ii) object to the proposal being