Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This section is made for the purposes of subsection 80 - 30(2) of the Insolvency Practice Schedule (Bankruptcy).
Eligibility
(2) A person is not eligible to be appointed as a member of a committee of inspection unless the person is:
(a) a creditor of the regulated debtor; or
(b) the attorney of a creditor of the regulated debtor by virtue of a general power of attorney given by the creditor; or
(c) a person authorised in writing by a creditor of the regulated debtor to be a member of the committee of inspection; or
(d) a representative of the Commonwealth, if:
(i) a claim for financial assistance from the Commonwealth in relation to unpaid employment entitlements has been made; or
(ii) the Commonwealth considers that such a claim is likely to be made.
Procedures
(3) A committee of inspection must meet at such times and places as its members from time to time appoint.
(4) If a committee of inspection is appointed as a result of a determination of the creditors of the regulated debtor's estate under section 80 - 10 of the Insolvency Practice Schedule (Bankruptcy), the trustee or a member of the committee may convene a meeting of the committee.
(5) A committee of inspection may act by a majority of its members present at a meeting, but must not act unless a majority of its members are present.
(6) If a member of the committee is a body corporate, the member may be represented at meetings of the committee by an individual authorised in writing by the member for the purposes of this subsection.