239ALJoint meetings of creditors of related companies in administration

1. The administrators of related companies may call meetings of creditors of their respective companies to be held at the same time and place, but only with the consent of all the creditors.

2. In the case of a joint meeting, a creditor of a company in administration may vote only on a resolution that relates to the administration of the company of which that person is a creditor.

3. For the purposes of subsection (1), a creditor is taken to have consented to the joint meeting if—

4. a written notice that complies with subsection (4) accompanies the notice of meeting; and
5. the creditor has not objected to the joint meeting within the time, and in the manner, specified in the written notice.

6. The notice must—

7. be in writing; and
8. state the administrator's postal, email, and street addresses; and
9. state the names of the related companies in respect of which the joint meeting is to be held; and
10. state that the creditor to whom it is sent may object to the joint meeting by sending a written objection to the administrator at the administrator's postal, email, or street address for receipt by the administrator within the time specified in the notice; and
11. state that, unless the creditor objects in accordance with the notice, the creditor will be taken to have agreed to the joint meeting.

12. For the purposes of subsection (4)(d), the administrator may in his or her discretion determine the time for receipt of an objection, but must specify a time that is reasonably practicable in the circumstances.

Notes

• Section 239AL: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).