Section 239AK — Companies Act 1993: Conduct of creditors' meetings

239AK Conduct of creditors' meetings (1) The following clauses of Schedule 5 apply to creditors' meetings called under this Part as if references to the liquidator were references to the administrator: (a) subject to section 239AZ , clause 4 ; and (b) clauses 6 to 11 . (2) At any meeting of creditors or class of creditors held under this Part, a resolution is adopted if a majority in number representing 75% in value of the creditors or class of creditors voting in person, or by proxy vote or by postal vote, vote in favour of the resolution. (3) The administrator or the administrator's nominee must chair a creditors' meeting, and has a casting vote. (4) For the purposes of voting at a creditors' meeting, the administrator may estimate the amount of a creditor's claim that is for any reason uncertain. (5) On the application of the administrator, or of a creditor who is aggrieved by an estimate made by the administrator, the Court must determine the amount of the claim as it sees fit. Section 239AK: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).