Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:4_437f:p2
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 4 cl 437F (pt 2/2)
Character Range: 144012–145733

or more specified conditions;
 (iii) those conditions have been satisfied; or
 (c) the Court makes an order under subsection (12) authorising the alteration.

 (9) The administrator may only give consent under paragraph (8)(a) or (b) if he or she is satisfied that the alteration is in the best interests of the company's creditors as a whole.

 (10) The administrator must refuse to give consent under paragraph (8)(a) or (b) if the alteration would contravene Part 2F.2.

 (11) If the administrator refuses to give consent under paragraph (8)(a) or (b) to an alteration in the status of members of a company:
 (a) a member of the company; or
 (b) a creditor of the company;
may apply to the Court for an order authorising the alteration.

 (12) If the Court is satisfied, on an application under subsection (11), that:
 (a) the alteration is in the best interests of the company's creditors as a whole; and
 (b) the alteration does not contravene Part 2F.2;
the Court may, by order, authorise the alteration.

 (13) If the administrator gives consent under paragraph (8)(b) to an alteration in the status of members of a company:
 (a) a member of the company; or
 (b) a creditor of the company;
may apply to the Court for an order setting aside any or all of the conditions to which the consent is subject.

 (14) If the Court is satisfied, on an application under subsection (13), that any or all of the conditions covered by the application are not in the best interests of the company's creditors as a whole, the Court may, by order, set aside any or all of the conditions.

 (15) The administrator is entitled to be heard in a proceeding before the Court in relation to an application under subsection (11) or (13).