Court may vary or terminate pooling determination
(1) If a pooling determination is in force in relation to a group of 2 or more companies, the Court may make an order varying or terminating the pooling determination if the Court is satisfied that: (a) information that was about the business, property, affairs or financial circumstances of a company in the group, and that: (i) was false or misleading; and (ii) can reasonably be expected to have been material to eligible unsecured creditors of a company in the group in deciding whether to vote in favour of a resolution to approve the making of the pooling determination; was given to: (iii) the liquidator of a company in the group; or (iv) eligible unsecured creditors of a company in the group; or (b) information that was about the business, property, affairs or financial circumstances of a company in the group, and that: (i) was false or misleading; and (ii) can reasonably be expected to have been material to eligible unsecured creditors of a company in the group in deciding whether to vote in favour of a resolution to approve the making of the pooling determination; was contained in a document that accompanied a notice of the meeting at which the resolution was passed; or (c) there was an omission from such a document, and the omission can reasonably be expected to have been material to any of those eligible unsecured creditors in deciding whether to vote in favour of a resolution to approve the making of the pooling determination; or (d) effect cannot be given to the pooling determination without injustice or undue delay; or (e) the pooling determination would materially disadvantage an eligible unsecured creditor who is an applicant for the order; or (f) the pooling determination would be oppressive or unfairly prejudicial to, or unfairly discriminatory against, an applicant for the order who is an eligible unsecured creditor of a company in the group; or (g) the pooling determination would be contrary to the interests of the creditors of the companies in the group, considered as a whole; or (h) in a case where a company in the group is being wound up under a members’ voluntary winding up: (i) the pooling determination would materially disadvantage a member of the company who is an applicant for the order; or (ii) the pooling determination would be oppressive or unfairly prejudicial to, or unfairly discriminatory against, one or more such members; or (iii) the pooling determination would be contrary to the interests of the members of the company as a whole; or (i) the pooling determination should be varied or terminated for some other reason. Note: For eligible unsecured creditor, see section 579Q. (2) An order may only be made on the application of: (a) a creditor of a company in the group; or (b) in a case where a company in the group is being wound up under a members’ voluntary winding up—a member of the company, so long as the member is not a company in the group; or (c) any other interested person. (3) If the Court makes an order under subsection (1), the applicant for the order must: (a) lodge with ASIC a notice setting out the text of the order; and (b) do so within 2 business days after the making of the order. The notice must be in the prescribed form.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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