Section 579L — Corporations Act 2001 (Cth)

(1) If:

(a) either:

(i) a pooling determination is in force in relation to a group of 2 or more companies; or

(ii) a pooling order is in force in relation to a group of 2 or more companies; and

(b) each company in the group is being wound up;

then, unless the Court otherwise orders:

(c) instead of convening separate meetings under or for the purposes of a particular provision of this Act, the liquidator or liquidators may convene a meeting under or for the purposes of that provision, on a consolidated basis, of the creditors of the companies in the group; and

(d) a resolution passed at a consolidated meeting by those creditors is taken to have been passed by the creditors of each of the companies in the group; and

(e) if there are 2 or more liquidators—one of those liquidators is to preside at a consolidated meeting; and

(f) notice of a consolidated meeting may be given by the liquidator or liquidators.

Note: See also Division 80 (committees of inspection) of Schedule 2.

(2) The regulations may make provision for or in relation to:

(a) the convening of, conduct of, and procedure and voting at, consolidated meetings of creditors; and

(b) the number of persons required to constitute a quorum at any such meeting; and

(c) the sending of notices of meetings to persons entitled to attend any such meeting; and

(d) the lodging of copies of notices of, and of resolutions passed at, any such meeting; and

(e) generally regulating the conduct of, and procedure at, any such meeting.

Related sections

• s 579H — Variation of ancillary orders etc.
• s 579J — Notice of application for pooling order etc.
• s 579K — Notice of pooling order etc.
• s 579M — When debts or claims are provable in winding up
• s 579N — Group of companies
• s 579P — Secured debt may become unsecured

Research how courts apply s 579L

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