Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p48
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 131696–134705

opinion, it would be in the creditors' interests for the company to execute a deed of company arrangement;
              (ii) whether, in the administrator's opinion, it would be in the creditors' interests for the administration to end;
              (iii) whether, in the administrator's opinion, it would be in the creditors' interests for the company to be wound up;
              (iv) the reasons for the opinions referred to in subparagraphs (i) to (iii);
              (v) such other information known to the administrator as will enable the creditors to make an informed decision about each matter covered by subparagraph (i), (ii) or (iii);
              (vi) whether there are any transactions that appear to the administrator to be voidable transactions in respect of which money, property or other benefits may be recoverable by a liquidator under Part 5.7B of the Act;
              (vii) if a deed of company arrangement is proposed—details of the proposed deed.

        (4) A copy of the following must be lodged with ASIC within 2 business days of the notice being sent to creditors:
           (a) the notice;
           (b) if subsection (3) applies—the report and the statement.

       Subdivision G—Other rules about meetings

       75‑250  Directions to external administrator to convene a meeting—when reasonable and not reasonable

        (1) This section is made for the purposes of section 75‑15 of the Insolvency Practice Schedule (Corporations).

       Unreasonable directions

        (2) A direction to the external administrator of a company to convene a meeting of the creditors is not reasonable if the external administrator, acting in good faith, is of the opinion that:
           (a) complying with the direction would substantially prejudice the interests of one or more creditors or a third party and that prejudice outweighs the benefits of complying with the direction; or
           (b) there is not sufficient available property to comply with the direction; or
           (c) a meeting of the creditors dealing with the same matters covered by the direction has already been held, or would be held within 15 business days after the direction is made; or
           (d) the direction for the meeting is vexatious.

        (3) Without limiting paragraph (2)(d), a direction may be taken to be vexatious if it is given within 20 business days after a similar direction was given.

       Reasonable directions

        (4) A direction to the external administrator to convene a meeting of the creditors is reasonable if subsection (2) does not apply to the direction.

        (5) Despite paragraph (2)(b) or (c), a direction to the external administrator of a company to convene a meeting is also reasonable if:
           (a) the creditors agree to bear the cost of complying with the direction; and
           (b) if required to do so by the external administrator—security for the cost of complying with the direction is given to the external administrator