Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p45
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 45/59)
Character Range: 122009–124714

debtor's estate must convene a meeting of the creditors if:
 (a) where there is a committee of inspection—the committee of inspection directs the trustee to do so; or
 (b) the creditors direct the trustee to do so by resolution; or
 (c) at least 25% in value of the creditors direct the trustee to do so in writing; or
 (d) both of the following are satisfied:
 (i) less than 25%, but more than 10%, in value of the creditors direct the trustee to do so in writing;
 (ii) security for the cost of holding the meeting is given to the trustee before the meeting is convened.
 (2) However, the trustee of a regulated debtor's estate need not comply with the direction if the direction is not reasonable.
 (3) The Insolvency Practice Rules may prescribe circumstances in which a direction is, or is not, reasonable.
 (4) For the purposes of paragraphs (1)(c) and (d), the value of the creditors is to be worked out by reference to the value of the creditors' claims against the regulated debtor's estate that are known at the time the direction is given.

75‑20  Trustee must convene meeting if required by the Inspector‑General
 (1) The Inspector‑General may, in writing, direct the trustee of a regulated debtor's estate to convene a meeting of the creditors.
 (2) The Inspector‑General may include in the direction requirements to be complied with by the trustee in notifying the creditors of the meeting and in conducting the meeting.
 (3) The trustee must comply with a direction given under subsection (1), and any requirements included in the direction under subsection (2).
 (4) A direction given under subsection (1) is not a legislative instrument.

75‑25  Trustee's representative at meetings
 (1) The trustee of a regulated debtor's estate may, in writing, appoint a person to represent the trustee at a meeting.
 (2) Subsection (1) does not apply to a meeting of a kind prescribed.
 (3) If the trustee is not personally present at a meeting, then a reference in a provision of this Act to a trustee, in respect of matters occurring at or in connection with the meeting, is a reference to a person appointed to represent the trustee at the meeting.

75‑30  Inspector‑General may attend meetings
 (1) The Inspector‑General is entitled to attend any meeting of creditors held under this Act.
 (2) Subject to any provision of this Act (including any provision in relation to voting), the Inspector‑General is entitled to participate in any meeting of creditors held under this Act.

75‑35  Commonwealth may attend certain meetings etc.
  If:
 (a) a former employee of a regulated debtor has made a claim for financial assistance from the Commonwealth in relation to unpaid employment entitlements; or