Co-Operatives National Regulation (Queensland)

The prescribed information that must be included in a draft explanatory statement or explanatory statement (as the case may be) in relation to a proposed compromise or arrangement between a co-operative and any of its creditors is:

the expected dividend that would be available to scheme creditors if the co-operative were to be wound up within 6 months after the date of the hearing of the application to the Court for an order under section 415

of the Law; and

if a composition of debts is proposed, the expected dividend that would be paid to scheme creditors if the Scheme were put into effect as proposed; and

a list of the names of all known scheme creditors and the debts owed to those creditors; and

if a scheme creditor is known to be a guaranteed creditor, the name of the creditor and the amount of the debt owed; and

if a scheme creditor is known to be an internal creditor, the name of the creditor and the amount of the debt owed.

The statement referred to in subclause (1) must contain a statement that an order under section 415

of the Law is not an endorsement of, or any other expression of opinion on, the Scheme.

The statement referred to in subclause (1) must contain or include:

a report on the affairs of the co-operative in or to the effect of the form approved by the Registrar, showing the financial position of the co-operative as at a day within one month of the date on which it is intended to apply to the Court for an order under section 415

of the Law; and

a copy, certified by a director or by the chief executive officer or a secretary of the co-operative to be a true copy, of all financial statements (if any) required to be laid before the co-operative at the annual general meeting, together with a copy of every document required by law to be annexed to the statements; and

if the co-operative the subject of the Scheme is a trustee, a statement:

of the number of trusts administered by the trustee; and

whether the trustee carries on any business separate from that of the trust; and

how the scheme creditors may obtain a copy of the relevant trust deed, free of charge, before the date of the meeting; and

if the person (if any) who would be appointed to manage the Scheme proposes to charge for his or her services and for the services of his or her staff in accordance with a particular scale of charges, that scale of charges.