Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p50
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 50/73)
Character Range: 6438561–6441276

convene a meeting of the creditors if:
 (a) where there is a committee of inspection—the committee of inspection directs the external administrator to do so; or
 (b) the creditors direct the external administrator to do so by resolution; or
 (c) at least 25% in value of the creditors direct the external administrator 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 external administrator to do so in writing;
 (ii) security for the cost of holding the meeting is given to the external administrator before the meeting is convened; or
 (e) all of the following are satisfied:
 (i) the company is being wound up under a creditors' voluntary winding up;
 (ii) less than 25%, but more than 5%, in value of the creditors direct the external administrator to do so in writing;
 (iii) none of the creditors who give the direction is a related entity in relation to the company;
 (iv) the direction is given no more than 20 business days after the resolution for the voluntary winding up of the company is passed.
 (2) However, the external administrator 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), (d) and (e), the value of the creditors is to be worked out by reference to the value of the creditors' claims against the company that are known at the time the direction is given.
 (5) This section does not apply if:
 (a) the external administrator is a provisional liquidator of the company; or
 (b) the external administrator is the administrator of the company and the company is under administration.

75‑20  External administrator must convene meeting if required by ASIC
 (1) ASIC may, in writing, direct an external administrator of a company to convene a meeting of the creditors.
 (2) ASIC may include in the direction requirements to be complied with by the external administrator in notifying the creditors of the meeting and in conducting the meeting.
 (3) The external administrator 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.

75‑21  Restructuring and restructuring plans
 (1) Sections 75‑10, 75‑15 and 75‑20 do not apply to:
 (a) a company under restructuring; or
 (b) a company that has made a restructuring plan that has not yet terminated.
 (2) However, the restructuring practitioner for a company, or for a restructuring plan, may convene a meeting of the creditors