Second Meeting Of Creditors Of Company Under Administration

The purpose of the meeting(s) is:

1. to receive the report by the Administrator(s) about the business, property, affairs and financial circumstances of the Company(ies); and
2. to receive a statement of Administrator(s) opinion and reasons for the opinion:
   1. whether it would be in the creditors ' interests for the Company(ies) to execute a deed of company arrangement;
   2. whether it would be in the creditors ' interests for the administration to end;
   3. whether it would be in the creditors ' interests for the company to be wound up;
3. to receive a statement of such other information known to the administrator as will enable the creditors to make an informed decision about the matters at paragraphs 2(a) ? (c) above;
4. to receive details of any transactions that appear to the Administrator(s) to be a voidable transaction in respect of which money, property, or other benefits may be recoverable by a liquidator under part 5.7B of the Act
5. to receive details of any proposed deed of company arrangement; and
6. for the creditors of the Company(ies) to resolve that:
   1. the Company(ies) execute a deed of company arrangement; or
   2. the administration(s) should end; or
   3. the Company(ies) be wound up.

Other agenda items are:

7. To consider, and if thought fit approve, the Administrators ' retrospective and prospective remuneration.

8. If creditors resolve that the company should enter into a DOCA:

i. consider and, if thought fit, approve the future remuneration of the deed administrators.

9. If the Companies are wound up, to consider:

i. approving the Liquidators? prospective remuneration;

ii. the appointment of a Committee of Inspection (COI) and the members of the COI;

iii. a resolution regarding the ability of COI members to derive a profit or advantage despite the operation of IPS 80-55;

iv. authorising the Liquidators to compromise debts of the Companies beyond the prescribed amount of $100,000 under Section 477(2A) of the Corporations Act;

v. authorising the Liquidators to enter into agreements that may take longer than three months to complete under Section 477(2B) of the Corporations Act; and

vi. authorising the Liquidators to consider the early destruction of books and records at the conclusion of the winding up of the Companies.