Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 578

Pooling determination

  (1)   If:

  (a)   a pooling determination is made in relation to a group of 2 or more companies; and

  (b)   meetings are convened under subsection   577(1A) of the eligible unsecured creditors of each company in the group; and

  (c)   at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section   577, approving the making of the determination;

then:

  (d)   if all the resolutions were passed at the same time--the determination comes into force immediately after the resolutions were passed; or

  (e)   if the resolutions were passed at different times--the determination comes into force immediately after the last of those times.

Note:   For eligible unsecured creditor , see section   579Q.

Variation of pooling determination

  (2)   If:

  (a)   a pooling determination is in force in relation to a group of 2 or more companies; and

  (b)   the pooling determination is varied; and

  (c)   meetings are convened under subsection   577(1A) of the eligible unsecured creditors of each company in the group; and

  (d)   at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section   577, approving the making of the variation;

then:

  (e)   if all the resolutions were passed at the same time--the variation comes into force immediately after the resolutions were passed; or

  (f)   if the resolutions were passed at different times--the variation comes into force immediately after the last of those times.

Note:   For eligible unsecured creditor , see section   579Q.