Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_579a:p1
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 579A (pt 1/2)
Character Range: 99868–102587

579A  Court may vary or terminate pooling determination

 (1) If a pooling determination is in force in relation to a group of 2 or more companies, the Court may make an order varying or terminating the pooling determination if the Court is satisfied that:
 (a) information that was about the business, property, affairs or financial circumstances of a company in the group, and that:
 (i) was false or misleading; and
 (ii) can reasonably be expected to have been material to eligible unsecured creditors of a company in the group in deciding whether to vote in favour of a resolution to approve the making of the pooling determination;
  was given to:
 (iii) the liquidator of a company in the group; or
 (iv) eligible unsecured creditors of a company in the group; or
 (b) information that was about the business, property, affairs or financial circumstances of a company in the group, and that:
 (i) was false or misleading; and
 (ii) can reasonably be expected to have been material to eligible unsecured creditors of a company in the group in deciding whether to vote in favour of a resolution to approve the making of the pooling determination;
  was contained in a statement under paragraph 574(3)(b) that accompanied a notice of the meeting at which the resolution was passed; or
 (c) there was an omission from such a statement, and the omission can reasonably be expected to have been material to any of those eligible unsecured creditors in deciding whether to vote in favour of a resolution to approve the making of the pooling determination; or
 (d) effect cannot be given to the pooling determination without injustice or undue delay; or
 (e) the pooling determination would materially disadvantage an eligible unsecured creditor who is an applicant for the order; or
 (f) the pooling determination would be oppressive or unfairly prejudicial to, or unfairly discriminatory against, an applicant for the order who is an eligible unsecured creditor of a company in the group; or
 (g) the pooling determination would be contrary to the interests of the creditors of the companies in the group, considered as a whole; or
 (h) in a case where a company in the group is being wound up under a members' voluntary winding up:
 (i) the pooling determination would materially disadvantage a member of the company who is an applicant for the order; or
 (ii) the pooling determination would be oppressive or unfairly prejudicial to, or unfairly discriminatory against, one or more such members; or
 (iii) the pooling determination would be contrary to the interests of the members of the company as a whole; or
 (i) the pooling determination should be varied or terminated for some other reason.

Note: For eligible