Document ID: chunk:federal_register_of_legislation:C2004C01393:clause:1_64zba
Version: federal_register_of_legislation:C2004C01393
Segment Type: clause
Provision Reference: sch 1 cl 64ZBA
Character Range: 17750–19427

64ZBA  Creditors' resolution without meeting

 (1) The trustee may at any time put a proposal to the creditors by giving a notice under this section.

 (2) The notice must:
 (a) contain a single proposal; and
 (b) include a statement of the reasons for the proposal and the likely impact it will have on creditors (if it is passed); and
 (c) be given to each creditor who would be entitled under section 64A to receive notice of a meeting of creditors; and
 (d) invite the creditor to either:
 (i) vote Yes or No on the proposal; or
 (ii) object to the proposal being resolved without a meeting of creditors; and
 (e) specify a time by which replies must be received by the trustee (in order to be taken into account).

 (3) If, within the time specified in the notice:
 (a) at least 1 creditor votes in writing; and
 (b) no other creditor objects in writing to the proposal being resolved without a meeting of creditors;
then the following provisions have effect:
 (c) if the proposal requires a special resolution and there is a Yes vote by a majority in number, and at least 75% in value, of those who voted within the required time—the proposal is taken to have been passed by a special resolution of creditors at a meeting;
 (d) if the proposal does not require a special resolution and there is a Yes vote by a majority in value of those who voted within the required time—the proposal is taken to have been passed by a resolution of creditors at a meeting;
 (e) in any other case—the proposal is taken not to have been passed.

 (4) A certificate signed by the trustee stating any matter relating to a proposal under this section is prima facie evidence of the matter.