Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p57
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 57/71)
Character Range: 365073–367775

are members of a pooled group (pooled group meetings).
 (6) Without limiting subsection (5), the Insolvency Practice Rules may provide for and in relation to:
 (a) other circumstances in which pooled group meetings must or may be convened; and
 (b) voting (including casting votes) at pooled group meetings; and
 (c) the circumstances in which a resolution or a special resolution put to creditors or contributories in a pooled group meeting is passed; and
 (d) costs in relation to pooled group meetings and security for those costs.

80‑27  External administrator must convene meeting in certain circumstances
 (1) The external administrator, or the external administrators, of the members of a pooled group must convene a meeting under section 80‑26 if:
 (a) where there is a committee of inspection for a member of the pooled group—the committee of inspection directs the external administrator, or external administrators, to do so; or
 (b) the creditors of one of the members of the pooled group direct the external administrator, or external administrators, to do so, by resolution; or
 (c) at least 25% in value of the creditors of one of the members of the pooled group, direct the external administrator, or external administrators, to do so in writing; or
 (d) both of the following are satisfied:
 (i) less than 25%, but more than 10%, in value of the creditors of one of the members of the pooled group direct the external administrator, or external administrators, to do so in writing;
 (ii) security for the cost of holding the meeting is given to the external administrator, or external administrators, before the meeting is convened; or
 (e) all of the following are satisfied:
 (i) the members of the pooled group are each being wound up under a creditors' voluntary winding up;
 (ii) less than 25%, but more than 5%, in value of the creditors of one of the members of the pooled group direct the external administrator, or external administrators, to do so in writing;
 (iii) none of the creditors who give the direction is a related entity in relation to that member of the pooled group;
 (iv) the direction is given no more than 20 business days after the last resolution for the voluntary winding up of the members of the pooled group is passed.
 (2) However, the external administrator, or external administrators, need not comply with the direction if the direction is not reasonable.
 (3) The Insolvency Practice Rules may prescribe circumstances in which a direction is, or is not, reasonable.
 (4) For the purposes of paragraphs (1)(c), (d) and (e), the value of the creditors is to be worked out by reference to the value of the creditors' claims (that are known at the time