Document ID: chunk:federal_register_of_legislation:C2025C00185:section:411:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 411 (pt 2/7)
Character Range: 1386678–1389298

of the holding company but the matters referred to in paragraphs (1A)(b) and (c) are satisfied; and
 (b) the Court considers that circumstances exist that would justify its doing so;
the Court may make an order under subsection (1A) in relation to the proposed compromise or arrangement.
 (1C) Where an order is made under subsection (1A) in relation to a proposed compromise or arrangement, the succeeding provisions of this Part apply to the compromise or arrangement as if:
 (a) references in this Part to a company included references to all of the Part 5.1 bodies to which the order relates; and
 (b) references in this Part to creditors of a company included references to the creditors of all the Part 5.1 bodies to which the order relates; and
 (c) references in this Part to a class of the creditors of a company were references to the relevant class of creditors of all of the Part 5.1 bodies to which the order relates.
 (2) The Court must not make an order pursuant to an application under subsection (1) or (1A) unless:
 (a) 14 days notice of the hearing of the application, or such lesser period of notice as the Court or ASIC permits, has been given to ASIC; and
 (b) the Court is satisfied that ASIC has had a reasonable opportunity:
 (i) to examine the terms of the proposed compromise or arrangement to which the application relates and a draft explanatory statement relating to the proposed compromise or arrangement; and
 (ii) to make submissions to the Court in relation to the proposed compromise or arrangement and the draft explanatory statement.
 (3) In subsection (2), draft explanatory statement, in relation to a proposed compromise or arrangement between a body and its creditors or any class of them or between a body and its members or any class of them, means a statement:
 (a) explaining the effect of the proposed compromise or arrangement and, in particular, stating any material interests of the directors of the body, whether as directors, as members or creditors of the body or otherwise, and the effect on those interests of the proposed compromise or arrangement in so far as that effect is different from the effect on the like interests of other persons; and
 (b) setting out such information as is prescribed and any other information that is material to the making of a decision by a creditor or member of the body whether or not to agree to the proposed compromise or arrangement, being information that is within the knowledge of the directors of the body and has not previously been disclosed to the creditors or members of the body.
 (3A) In considering whether to make an