Commonwealth Consolidated Regulations

INSOLVENCY PRACTICE RULES (BANKRUPTCY) 2016 - RULE 75.180

Scope

  (1)   This section applies to a meeting that is called under section   75 - 175.

Statement of affairs

  (2)   The trustee of the regulated debtor's estate must table at the meeting a copy of the regulated debtor's statement of affairs.

Note:   A copy of the regulated debtor's proposal must also be tabled: see subsection   75 - 60(1).

  (3)   If:

  (a)   the regulated debtor had been required, immediately before the start of the meeting, to prepare a statement of affairs; and

  (b)   that statement would have differed in one or more material respects from the statement a copy of which was tabled under subsection   (2);

the regulated debtor must table at the meeting a written statement identifying those differences.

  (4)   Despite subsections   (2) and (3), if the approved form for a statement of affairs indicates that particular information in the statement will not be made available to the public, then that part of the statement that contains that information must not be tabled at the meeting.

Proposed trustee's declaration of relationships

  (5)   If the proposal provides that a person (the proposed trustee ) other than the trustee of the regulated debtor's estate is to become the trustee of the composition or scheme of arrangement, the trustee of the regulated debtor's estate must table at the meeting a copy of the declaration made by the proposed trustee under subsection   73B(2) of the Act.

  (6)   Subsection   (7) applies if:

  (a)   the proposal provides that a person (the proposed trustee ) other than the trustee of the regulated debtor's estate is to become the trustee of the composition or scheme of arrangement; and

  (b)   assuming that the proposed trustee had been required, immediately before the start of the meeting, to make a declaration stating whether the regulated debtor is a related entity of:

  (i)   the proposed trustee; or

  (ii)   a related entity of the proposed trustee;

that declaration would have differed in one or more material respects from the declaration made by the proposed trustee under subsection   73B(2) of the Act.

  (7)   If this subsection applies, the proposed trustee must table at the meeting a written statement identifying those differences.

Composition or scheme of arrangement must be available for inspection if proposal accepted

  (8)   If, at a meeting of the creditors, the proposal is accepted by special resolution by the creditors, the trustee must make the composition or scheme of arrangement available for inspection by the creditors.