Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p52
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 52/73)
Character Range: 6443570–6446221

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 resolved without a meeting of creditors or contributories, as the case may be; and
 (e) specify a reasonable time by which replies must be received by the external administrator (in order to be taken into account).

Evidentiary certificate relating to proposals
 (3) A certificate signed by the external administrator of the company stating any matter relating to a proposal under this section is prima facie evidence of the matter.

Insolvency Practice Rules relating to proposals
 (4) The Insolvency Practice Rules may provide for and in relation to proposals without meeting under this section.
 (5) Without limiting subsection (4), the Insolvency Practice Rules may provide for and in relation to:
 (a) the circumstances in which a proposal is taken to be passed; and
 (b) whether a proposal, if passed, is to be taken to have been passed as a resolution or a special resolution; and
 (c) costs and security for those costs in relation to a proposal.

75‑41  Outcome of voting at creditors' meeting determined by related entity—Court powers

Application of this section
 (1) This section applies if, on the application of a creditor of a company under external administration, the external administrator of the company or ASIC, the Court is satisfied of the following matters:
 (a) a proposal has been voted on by creditors (either at a meeting of the creditors or under section 75‑40 without a meeting);
 (b) if the vote or votes that a particular related creditor, or particular related creditors, of the company cast on the proposal had been disregarded for the purposes of determining whether or not the proposal was passed, the proposal:
 (i) if it was in fact passed—would not have been passed; or
 (ii) if in fact it was not passed—would have been passed;
  or the question would have had to be decided on a casting vote;
 (c) the passing of the proposal, or the failure to pass it, as the case requires:
 (i) is contrary to the interests of the creditors as a group or of that class of creditors as a group, as the case may be; or
 (ii) has prejudiced, or is reasonably likely to prejudice, the interests of the creditors who voted against the proposal, or for it, as the case may be, to an extent that is unreasonable having regard to the matters in subsection (2).

Unreasonable prejudice to interests of creditors—matters to be taken into account
 (2) For the purposes of subparagraph (1)(c)(ii), the matters are:
 (a) the