Document ID: chunk:federal_register_of_legislation:C2025C00185:section:411:p4
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 411 (pt 4/7)
Character Range: 1391284–1393912

for the purposes of subsection (4), taken together to constitute a single meeting and the votes in favour of the proposed compromise or arrangement cast at each of the meetings are to be aggregated, and the votes against the proposed compromise or arrangement cast at each of the meetings are to be aggregated, accordingly; or
 (b) in the case of meetings of members—the meetings are, for the purposes of subsection (4), taken together to constitute a single meeting and the votes in favour of the proposed compromise or arrangement cast at each of the meetings is to be aggregated, and the votes against the proposed compromise or arrangement cast at each of the meetings is to be aggregated, accordingly.
 (5A) If the compromise or arrangement:
 (a) involves creditors of the Part 5.1 body with subordinate claims (within the meaning of subsection 563A(2)); and
 (b) is approved by the Court;
those creditors are also bound by the compromise or arrangement despite the fact that a meeting of those creditors has not been ordered by the Court under subsection (1) or (1A).
 (6) The Court may grant its approval to a compromise or arrangement subject to such alterations or conditions as it thinks just.
 (6A) If:
 (a) the Court has granted its approval to a compromise or arrangement subject to an alteration or condition; and
 (b) the body concerned contravenes:
 (i) in the case of an alteration—the provision or provisions of the compromise or arrangement to which the alteration relates; or
 (ii) in the case of a condition—the condition; and
 (c) the Court is satisfied that a person suffered loss or damage as a result of the contravention;
the Court may make such order as it thinks just.
 (6B) The Court may make either or both of the following orders under subsection (6A):
 (a) an order that the body concerned pay compensation to the person of such amount as the order specifies;
 (b) an order directing the body concerned to comply with:
 (i) in the case of an alteration—the provision or provisions of the compromise or arrangement to which the alteration relates; or
 (ii) in the case of a condition—the condition.
 (6C) Subsection (6B) does not limit subsection (6A).
 (7) Except with the leave of the Court, a person must not be appointed to administer, and must not administer, a compromise or arrangement approved under this Act between a body and its creditors or any class of them or between a body and its members or any class of them, whether by the terms of that compromise or arrangement or pursuant to a power given by the terms of a compromise or arrangement, if the person:
 (a) is a secured party in