Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.