Document ID: chunk:federal_register_of_legislation:F2024C00490:reg:12:p3
Version: federal_register_of_legislation:F2024C00490
Segment Type: reg
Provision Reference: reg 12 (pt 3/34)
Character Range: 30831–33563

the Court to the contrary, to the extent applicable, Division 75 of the Insolvency Practice Schedule (Corporations) and Division 75 of the Insolvency Practice Rules (Corporations) 2016 apply to meetings ordered by the Court.

Division 3—Compromises and arrangements in relation to Part 5.1 bodies

3.1  Application of Division 3
  This Division applies if an application is made to the Court for approval of a compromise or arrangement between a Part 5.1 body and its creditors or members, or any class of its creditors or members.

3.2  Nomination of chairperson for meeting
  Before the hearing of an application under subsection 411(1), (1A) or (1B) of the Corporations Act, the plaintiff must file an affidavit stating:
 (a) the names of the persons who have been nominated to be the chairperson and alternate chairperson of the meeting; and
 (b) that each person nominated:
 (i) is willing to act as chairperson; and
 (ii) has had no previous relationship or dealing with the body, or any other person interested in the proposed compromise or arrangement, except as disclosed in the affidavit; and
 (iii) has no interest or obligation that may give rise to a conflict of interest or duty if the person were to act as chairperson of the meeting, except as disclosed in the affidavit; and
 (c) the name of the person (if any) proposed to be appointed to administer the proposed compromise or arrangement; and
 (d) that the person does not fall within paragraphs 411(7)(a) to (f) of the Corporations Act, except as disclosed in the affidavit.

3.3  Order for meetings to identify proposed scheme
 (1) An order under subsection 411(1) or (1A) of the Corporations Act ordering a meeting or meetings in relation to a proposed compromise or arrangement must set out in a schedule, or otherwise identify, a copy of the proposed compromise or arrangement.
 (2) Unless the Court otherwise orders, a meeting of members ordered under section 411 of the Corporations Act must be convened, held and conducted in accordance with:
 (a) the provisions of Part 2G.2 of the Corporations Act that apply to the members of a company; and
 (b) the provisions of the plaintiff's constitution that apply in relation to meetings of members and are not inconsistent with Part 2G.2 of the Corporations Act.
 (3) Unless the Court otherwise orders, a meeting of a class of holders of convertible securities ordered under section 411 of the Corporations Act must be convened, held and conducted as if:
 (a) the holders were a separate class of members; and
 (b) the meeting were a meeting of members convened, held and conducted under subrule (2);
but in accordance with, and subject to, the applicable provisions of the instrument under which the securities