Corporations Act 2001

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:

information that was about the business, property, affairs or financial circumstances of a company in the group, and that:

was false or misleading; and

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;

the liquidator of a company in the group; or

eligible unsecured creditors of a company in the group; or

information that was about the business, property, affairs or financial circumstances of a company in the group, and that:

was false or misleading; and

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;

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

effect cannot be given to the pooling determination without injustice or undue delay; or

the pooling determination would materially disadvantage an eligible unsecured creditor who is an applicant for the order; or

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

the pooling determination would be contrary to the interests of the creditors of the companies in the group, considered as a whole; or

in a case where a company in the group is being wound up under a members’ voluntary winding up:

the pooling determination would materially disadvantage a member of the company who is an applicant for the order; or

the pooling determination would be oppressive or unfairly prejudicial to, or unfairly discriminatory against, one or more such members; or

the pooling determination would be contrary to the interests of the members of the company as a whole; or

the pooling determination should be varied or terminated for some other reason.

For eligible unsecured creditor, see section 579Q.

An order may only be made on the application of:

a creditor of a company in the group; or

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

any other interested person.

If the Court makes an order under subsection (1), the applicant for the order must:

lodge with ASIC a notice setting out the text of the order; and

do so within 2 business days after the making of the order.