Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 436E

Purpose and timing of first meeting of creditors

  (1)   The administrator of a company under administration must convene a meeting of the company's creditors in order to determine:

  (a)   whether to appoint a committee of inspection; and

  (b)   if so, who are to be the committee's members.

  (2)   The meeting must be held within 8 business days after the administration begins.

  (3)   The administrator must convene the meeting by:

  (a)   giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and

  (b)   causing a notice setting out the prescribed information about the meeting to be published in the prescribed manner;

at least 5 business days before the meeting.

  (3A)   A notice under paragraph   (3)(b) that relates to a company may be combined with a notice under paragraph   450A(1)(b) that relates to the company.

  (4)   At the meeting, the company's creditors may also pass a resolution:

  (a)   removing the administrator from office; and

  (b)   appointing someone else as administrator of the company.


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