Companies Act 2014 section 558V

Proceedings at meeting under section 558T

Section 558V sets out the rules governing how meetings called by the process adviser under the rescue process for small and micro companies are to be conducted, including chairing, quorum requirements, adjournment procedures, and record-keeping obligations.

• The process adviser (or their nominee) chairs the meeting and is responsible for recording minutes and maintaining a signed attendance list of members or creditors present.
• For a combined meeting of members and creditors, a quorum requires at least 2 members and at least 3 creditors entitled to vote (or all voting creditors if there are fewer than 3); for separate meetings, the same thresholds apply to each meeting individually.
• If a quorum is not present within 30 minutes of the scheduled start time, the meeting must be adjourned to the same day the following week at the same time and place, unless the chairperson appoints an alternative date, which must be no fewer than 4 and no more than 10 days after the original meeting date.
• Failure to prepare and sign minutes or to maintain a signed attendance list is a category 3 offence under the Act.