Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p34
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 95539–98334

rights as a creditor of the company in relation to matters set out in Chapter 5 of the Act. This includes voting at a meeting of creditors of the company.

        (2) Subsection (1) applies whether the person has advanced money to the company:
           (a) on 1 occasion only; or
           (b) on more than 1 occasion in respect of the same matter; or
           (c) on 1 or more occasions in respect of more than 1 matter.

       75‑87  Votes of secured creditors

        (1) For the purposes of voting, a secured creditor must state in the creditor's proof of debt or claim:
           (a) the particulars of his or her security; and
           (b) the date when it was given; and
           (c) the creditor's estimate of the value of the security;
       unless he or she surrenders the security.

        (2) A creditor is entitled to vote only in respect of the balance, if any, due to him or her after deducting the value of his or her security as estimated by him or her.

        (3) If a secured creditor votes in respect of his or her whole debt or claim, the creditor must be taken to have surrendered his or her security unless the Court on application is satisfied that the omission to value the security has arisen from inadvertence.

        (4) This section does not apply to:
           (a) a meeting of creditors convened under Part 5.3A of the Act; or
           (b) a meeting held under a deed of company arrangement.

       75‑90  Evidence relating to proof of debt

         An external administrator must ensure that each creditor's claim or proof of debt in relation to an administration bears evidence of:
           (a) its admission or rejection; and
           (b) the reason for its admission or rejection; and
           (c) the amount for which the claim or proof of debt has been admitted.

       75‑95  Evidence of liability for debt

        (1) If necessary, an external administrator must ask a creditor to give evidence in writing in relation to a debt claimed by the creditor to establish the liability of the company for the debt.

        (1A) If:
           (a) a resolution is proposed at a meeting of creditors of a company; and
           (b) a debt claimed by a creditor of the company is owed to the creditor as assignee;
       the external administrator of the company must ask the creditor to give evidence in writing in relation to the debt and the consideration given for the assignment of the debt.

        (2) If the external administrator considers that the evidence is insufficient for the purposes of subsection (1) or (1A), the administrator, before asking for further information, must have regard to the expected dividend rate and the materiality of the issue requiring clarification.

        (3) An external administrator