Section 239ADF — Companies Act 1993: Creditors' meeting to consider proposed variation or termination of deed

239ADF Creditors' meeting to consider proposed variation or termination of deed (1) The deed administrator— (a) may at any time convene a meeting of the company's creditors to consider a variation to, or the termination of, the deed; and (b) must convene a meeting if requested to do so in writing by creditors whose claims against the company are not less than 10% in value of the total value of all creditors' claims. (2) The deed administrator must convene the meeting by— (a) giving written notice to as many of the company's creditors as reasonably practicable; and (b) advertising the meeting in accordance with section 3(1)(b) . (3) The administrator must take the steps in subsection (2) not less than 5 working days before the meeting. (4) The notice given to the creditors must set out any resolution for varying or terminating the deed that is to be considered by the meeting. (5) The deed administrator must preside at the meeting. (6) The meeting may be adjourned from time to time. Compare: Corporations Act 2001 (Australia) s 445F Section 239ADF: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).