Section 577 — Corporations Act 2001 (Cth)

(1A) Within 5 business days after the liquidator or liquidators of a group of 2 or more companies:

(a) make a pooling determination in relation to the group; or

(b) vary a pooling determination in force in relation to the group;

the liquidator or liquidators must convene separate meetings of the eligible unsecured creditors of each of the companies in the group.

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

(1) At a meeting convened under subsection (1A), the eligible unsecured creditors may resolve to approve the making of the determination or variation.

(3) If, at a meeting convened under subsection (1A), the eligible unsecured creditors do not resolve to approve the making of the determination or variation:

(a) the determination or variation is cancelled at the end of the meeting; and

(b) if, as at the end of the meeting, a corresponding resolution has not been considered at another meeting convened under subsection (1A) of the eligible unsecured creditors of another company in the group—that other meeting is cancelled.

Related sections

• s 571 — Pooling determination
• s 572 — Variation of pooling determination
• s 573 — Lodgment of copy of pooling determination etc.
• s 578 — When pooling determination comes into force etc.
• s 579 — Duties of liquidator
• s 579A — Court may vary or terminate pooling determination

Research how courts apply s 577

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