Document ID: chunk:federal_register_of_legislation:C2025C00185:section:577
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 577
Character Range: 1931435–1932580

577  Eligible unsecured creditors may decide to approve the determination or variation
 (1A) Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:
 (a) make a pooling determination in relation to the group; or
 (b) vary a pooling determination in force in relation to the group;
the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.
Note: For eligible unsecured creditor, see section 579Q.
 (1) At a meeting convened under subsection (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.
 (3) If, at a meeting convened under subsection (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:
 (a) the determination or variation is cancelled at the end of the meeting; and
 (b) if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection (1A) of the eligible unsecured creditors of another company in the group—that other meeting is cancelled.