Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p39
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 108061–110958

the Act, if no result is reached under subsection (1) or (2), the resolution is not passed.

       75‑120  When a resolution is passed at a meeting of contributories after a poll is demanded or required

        (1) A resolution is passed at a meeting of contributories of a company if a majority of the contributories voting (whether in person, by proxy or by attorney) vote in favour of the resolution.

        (2) In counting the majority, regard must be made to:
           (a) the number of votes cast for or against the resolution; and
           (b) the number of votes to which each contributory is entitled by the Act or the company's constitution.

       75‑125  Resolution about remuneration must deal only with remuneration

         To be effective, a resolution determining the remuneration of an external administrator under section 60‑10 or 60‑16 of the Insolvency Practice Schedule (Corporations) must deal exclusively with remuneration of the external administrator.

            Note: This means that the resolution must not be bundled with any other resolution.

       75‑130  When a resolution is passed without a meeting of creditors

        (1) This section is made for the purposes of paragraphs 75‑40(5)(a) and (b) of the Insolvency Practice Schedule (Corporations).

        (2) A proposal put to the creditors of a company by giving notice under section 75‑40 of the Insolvency Practice Schedule (Corporations) is taken to have been passed as a resolution if:
           (a) a majority of the creditors whose replies to the notice are received by the external administrator of the company within the time specified in the notice (the responding creditors) vote Yes; and
           (b) a majority in value of the responding creditors vote Yes; and
           (c) for a company that is not subject to the simplified liquidation process—not more than 25% in value of the responding creditors notify the external administrator within the time specified in the notice that they object to the proposal being resolved without a meeting of creditors.

        (3) The time specified for the purposes of paragraphs (2)(a) and (c) must be at least 15 business days after the day the notice is given.

        (4) For the purposes of subsection (2), a creditor is not to be counted as a responding creditor unless:
           (a) the creditor has submitted particulars of his or her debt or claim to the external administrator on or before the creditor replies to the notice; and
           (b) the external administrator has admitted the proof of debt or claim, including the amount, for the purposes of voting.
 (4A) For the purposes of paragraphs (2)(b) and (c), the value of a responding creditor of the company who:
           (a) is a related creditor (within the meaning of subsection 75 41(4) of the Insolvency Practice Schedule (Corporations)), for the purposes of