75‑132 When a special resolution is pass75‑132 When a special resolution is passed at a meeting of creditors

75‑132 When a special resolution is passed at a meeting of creditors

(1) A special resolution is passed at a meeting of creditors of a regulated debtor if: (a) a majority of the creditors voting at the meeting vote in favour of the resolution; and (b) at least 75% in value of the creditors voting at the meeting vote in favour of the resolution; and (c) if the resolution relates to paragraph 109(1)(j) of the Act—the notice convening the meeting at which the resolution was passed contained a copy of the proposed resolution. (2) Otherwise, the special resolution is not passed. (3) For the purposes of paragraph (1)(b), the value of a creditor who: (a) is a related entity of the regulated debtor; and (b) has been assigned a debt; is to be worked out by taking the value of the assigned debt to be equal to the value of the consideration that the creditor gave for the assignment of the debt.