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LexisNexis Practical Guidance®
Straightforward guidance across a range of topics
- Insolvency
- Winding up
Meetings of creditors
The CA, the Insolvency Practice Schedule (Corporations) 2016 (Cth) (IPS) and the Insolvency Practice Rules (Corporations) 2016 (Cth) (IPR) require or permit meetings of creditors and/or members to be held for a variety of purposes in both winding up and voluntary administration. For all meetings, notice on the ASIC insolvency notices website is required. In most cases, notice by electronic means (email or website) is permitted.
Detailed provisions as to the convening and conduct of meetings are contained in the IPR, which also provide for the outcome of meetings to be notified to ASIC.
Special provision is made in the IPS for:
- • the court to intervene where the outcome of a resolution has been determined by the votes of creditors related to the company; and
- • the court to review resolutions, which have been won or lost on the casting vote of the chairman, usually the liquidator or a deputy.
See Meeting of creditors.
