Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p45
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 123607–126446

force;
           (e) the likely return to eligible unsecured creditors if the determination or variation were not to come into force.

       75‑185  Copy of notice etc. to be given to certain creditors of the company

        (1) This section:
           (a) is made for the purposes of subsection 80‑26(5) of the Insolvency Practice Schedule (Corporations); and
           (b) applies if the external administrator of the company convenes a meeting of the eligible unsecured creditors of the company under subsection 577(1A) of the Act.

        (2) The external administrator must, within 5 business days after convening the meeting, give a copy of the statement referred to in paragraph 75‑180(3)(b) to each creditor of the company, if the creditor is not a company in the group concerned.

       75‑190  When is a resolution passed at a meeting—pooled groups

        (1) This section:
           (a) is made for the purposes of paragraph 80‑26(6)(c) of the Insolvency Practice Schedule (Corporations); and
           (b) applies instead of section 75‑115 in relation to resolutions at consolidated meetings of creditors of companies that are members of a pooled group.

        (2) A resolution is passed at a consolidated meeting of creditors of all the companies that are members of a pooled group 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.

        (3) A resolution is not passed at a consolidated meeting of creditors of all the companies that are members of a pooled group 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.

        (4) If no result is reached under subsection (2) or (3) and the resolution does not relate to the remuneration or the removal of an external administrator of a company that is a member of the pooled group:
           (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.

        (5) If no result is reached under subsection (2) or (3) and the resolution relates to remuneration or the removal of an external administrator of a company that is a member of the pooled group, the resolution is