Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_579l
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 579L
Character Range: 120756–122331

579L  Consolidated meetings of creditors

 (1) If:
 (a) either:
 (i) a pooling determination is in force in relation to a group of 2 or more companies; or
 (ii) a pooling order is in force in relation to a group of 2 or more companies; and
 (b) each company in the group is being wound up;
then, unless the Court otherwise orders:
 (c) instead of convening separate meetings under or for the purposes of a particular provision of this Act, the liquidator or liquidators may convene a meeting under or for the purposes of that provision, on a consolidated basis, of the creditors of the companies in the group; and
 (d) a resolution passed at a consolidated meeting by those creditors is taken to have been passed by the creditors of each of the companies in the group; and
 (e) if there are 2 or more liquidators—one of those liquidators is to preside at a consolidated meeting; and
 (f) notice of a consolidated meeting may be given by the liquidator or liquidators.

Note: See also section 548A (committee of inspection).

 (2) The regulations may make provision for or in relation to:
 (a) the convening of, conduct of, and procedure and voting at, consolidated meetings of creditors; and
 (b) the number of persons required to constitute a quorum at any such meeting; and
 (c) the sending of notices of meetings to persons entitled to attend any such meeting; and
 (d) the lodging of copies of notices of, and of resolutions passed at, any such meeting; and
 (e) generally regulating the conduct of, and procedure at, any such meeting.

Subdivision C—Other provisions