Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p40
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 110704–113529

For the purposes of paragraphs (2)(b) and (c), the value of a responding creditor of the company who:
           (a) is a related creditor (within the meaning of subsection 75 41(4) of the Insolvency Practice Schedule (Corporations)), for the purposes of responding to the notice, in relation to the company; and
           (b) has been assigned a debt;
is to be worked out by taking the value of the assigned debt to be equal to the value of the consideration that the related creditor gave for the assignment of the debt.

        (5) If subsection (2) does not apply, the proposal is not taken to have been passed as a resolution.

        (6) The external administrator must:
           (a) make a written record of the outcome of the proposal in the books required to be kept under section 70‑10 of the Insolvency Practice Schedule (Corporations); and
           (b) lodge with ASIC a notice, in the approved form, of the outcome of the proposal within 5 business days of the outcome being known.

       75‑135  When a resolution is passed without a meeting of contributories

        (1) This section is made for the purposes of paragraphs 75‑40(5)(a) and (b) of the Insolvency Practice Schedule (Corporations).

        (2) A proposal put to the contributories of a company by giving notice under section 75‑40 of the Insolvency Practice Schedule (Corporations) is taken to have been passed as a resolution if:
           (a) a majority of the contributories whose replies to the notice are received by the external administrator of the company within the time specified in the notice (the responding contributories) vote Yes; and
           (b) for a company that is not subject to the simplified liquidation process—not more than 25% in value of the responding contributories notify the external administrator within the time specified in the notice that they object to the proposal being resolved without a meeting of contributories.

        (2A) In counting the majority, regard must be made to:
           (a) the number of votes cast for or against the resolution; and
           (b) the number of votes to which each contributory is entitled by the Act or the company's constitution.

        (3) The time specified for the purposes of paragraphs (2)(a) and (c) must be at least 15 business days after the day the notice is given.

        (4) If subsection (2) does not apply, the proposal is not taken to have been passed as a resolution.

        (5) The external administrator must:
           (a) make a written record of the outcome of the proposal in the books required to be kept under section 70‑10 of the Insolvency Practice Schedule (Corporations); and
           (b) lodge with ASIC a notice, in the approved form, of the outcome of the proposal within 5 business days of the outcome being known.