Co-Operatives (National Uniform Legislation) Act 2015

(1) The Supreme Court may make an order under this Division if the court is satisfied:

(a) at least 14 days notice of the hearing of the application for the order, or a shorter period of notice the court or the Registrar permits, has been given to the Registrar; and

(b) the Registrar has had a reasonable opportunity to examine the terms of, and make submissions to the court in relation to, the proposed compromise or arrangement concerned and a draft explanatory statement relating to it.

draft explanatory statement means a statement:

(a) explaining the effect of the proposed compromise or arrangement and, in particular, stating:

(i) material interests of the directors of the co-operative, whether as directors, as members or creditors of the co‑operative or otherwise; and

(ii) the effect on the interests of the proposed compromise or arrangement in so far as the effect is different from the effect on the like interests of other persons; and

(b) setting out information prescribed by the National Regulations; and

(i) is material to the making of a decision by a creditor or member of the co-operative whether or not to agree to the proposed compromise or arrangement; and

(ii) is within the knowledge of the directors of the co‑operative; and

(iii) has not previously been disclosed to the creditors or members of the co-operative.