IPR 75-225 Companies under Administration - How certain meetings are convened

75-225  Companies under administration - how certain meetings are convened

             (1)  The administrator of a company under administration must convene a meeting under:

                     (a)  section 439A of the Act (meeting to decide future of company under administration); or

                     (b)  subsection 449C(4) of the Act (vacancy in office of administrator);

                           by written notice given to as many of the company's creditors as reasonably practicable.

Note:          Notice of the meeting must be lodged with ASIC - see section 75-40.

             (2)  The notice must:

                     (a)  be given at least 5 business days before the meeting; and

                     (b)  contain the following information:

                              (i)  the name of the company;

                             (ii)  any business name of the company;

                            (iii)  the ACN of the company;

                            (iv)  the fact that notice is being given under this section;

                             (v)  the time, date and place for the meeting;

                            (vi)  the purpose for which the meeting is being convened;

                           (vii)  the time and date by which proofs of debt, and proxies for the meeting, are to be                                        submitted;

                          (viii)  the name and contact details of the administrator.

             (3)  If the meeting is convened under section 439A of the Act, the notice must also be accompanied                    by:

                     (a)  a report by the external administrator about the company's business, property, affairs and                            financial circumstances; and

                     (b)  a statement setting out the following:

                              (i)  whether, in the administrator's opinion, it would be in the creditors' interests for the                                    company to execute a deed of company arrangement;

                             (ii)  whether, in the administrator's opinion, it would be in the creditors' interests for the                                    administration to end;

                            (iii)  whether, in the administrator's opinion, it would be in the creditors' interests for the                                    company to be wound up;

                            (iv)  the reasons for the opinions referred to in subparagraphs (i) to (iii);

                             (v)  such other information known to the administrator as will enable the creditors to                                          make an informed decision about each matter covered by subparagraph (i), (ii) or                                        (iii);

                            (vi)  whether there are any transactions that appear to the administrator to be voidable                                      transactions in respect of which money, property or other benefits may be                                                  recoverable by a liquidator under Part 5.7B of the Act;

                           (vii)  if a deed of company arrangement is proposed details of the proposed deed.

             (4)  A copy of the following must be lodged with ASIC within 2 business days of the notice being                          sent to creditors:

                     (a)  the notice;

                     (b)  if subsection (3) applies - the report and the statement.