Companies Act 2014 section 558T

Process adviser's duty to call meeting of members and creditors

Section 558T requires the process adviser, once a rescue plan has been prepared, to convene meetings of the company's creditors and members so they can consider and vote on the plan.

• The process adviser must call meetings of creditors (or classes of creditors) and members (or classes of members) as soon as practicable after preparing the rescue plan
• Meetings may be held as separate class meetings where the general law requires distinct voting classes, or as a single meeting of all creditors or all members where no separate classes are needed
• All meetings must be scheduled no later than 49 days after the process adviser's appointment, at a location convenient for the majority of those attending, and meetings of members and creditors may be held at different times and places
• Where an excludable debt is included in the rescue plan, the creditor to whom that debt is owed is entitled to vote at any meeting called under this section