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Creditors’ meetings conducted by electronic means during interim period
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19. The Act of 2014 is amended by the insertion of the following section after section 690:
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“690A. (1) This section shall apply to creditors’ meetings which are summoned, convened or called during the interim period only and shall so apply notwithstanding any other provision of this Act.
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(2) A relevant person need not hold a creditors’ meeting at a physical venue but may conduct that meeting wholly or partly by the use of electronic communications technology as long as all relevant attendees have a reasonable opportunity to participate in the meeting in accordance with this section.
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(3) The relevant person shall provide for participation in a creditors’ meeting in accordance with subsection (4) where the meeting is conducted by the use of electronic communications technology.
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(4) (a) The relevant person may provide for participation in a creditors’ meeting by providing or facilitating, for that purpose, the use of electronic communications technology, including a mechanism for casting votes by a relevant attendee, whether before or during the meeting.
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(b) The mechanism referred to in paragraph (a) shall not require the relevant attendee to be physically present at the creditors’ meeting or require the relevant attendee to appoint a proxy who is physically present at the meeting.
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(5) The use of electronic communications technology pursuant to subsection (4) may be made subject only to such requirements and restrictions put in place by the relevant person as are necessary to ensure the identification of relevant attendees and the security of the electronic communications technology, to the extent that such requirements and restrictions are proportionate to the achievement of those objectives.
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(6) The relevant person shall inform relevant attendees, before the creditors’ meeting concerned, of any requirements or restrictions which the relevant person has put in place pursuant to subsection (5).
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(7) A relevant person who provides the use of electronic communications technology for participation in a creditors’ meeting by a relevant attendee shall ensure, as far as practicable, that—
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(a) such technology—
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(i) provides for the security of any electronic communications by the relevant attendee,
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(ii) minimises the risk of data corruption and unauthorised access, and
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(iii) provides certainty as to the source of the electronic communications,
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(b) in the case of any failure or disruption of such technology, that failure or disruption is remedied as soon as practicable, and
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(c) such technology enables the relevant attendee to—
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(i) hear what is said by the relevant person and any person introduced by the relevant person, and
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(ii) speak and submit questions and comments during the meeting to the relevant person.
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(8) Any temporary failure or disruption of electronic communications technology does not invalidate the creditors’ meeting or any proceedings relating to the creditors’ meeting.
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(9) Unless such failure or disruption is attributable to any wilful act of the relevant person, the relevant person shall not be liable in respect of any failure or disruption relating to the equipment used by a relevant attendee to access a creditors’ meeting by electronic communications technology that occurs and which failure or disruption prevents or interferes with the relevant attendee’s participation, by way of such technology, in the meeting.
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(10) Where a creditors’ meeting is conducted by means of electronic communications technology in accordance with this section, the relevant person may conduct a vote to decide on a resolution by a show of hands of every relevant attendee who is participating in the meeting by way of such technology where such relevant person is of the opinion that he or she can identify the relevant attendees entitled to vote and verify the content of voting instructions relating to the resolution.
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(11) In this section and sections 584(1A), 587(3)(aa), 680(2A) and (5A), 691(4A), 692(1A), 695(1A) and (2A), 697(1)(c) and 701(1A)—
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‘creditors’ meeting’ means a meeting summoned, convened or called under any of the following sections:
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(a) section 473;
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(b) section 475;
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(c) section 496;
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(d) section 497;
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(e) section 498;
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(f) section 540;
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(g) section 580;
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(h) section 584;
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(i) section 587;
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(j) section 628;
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(k) section 666;
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(l) section 667;
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(m) section 679;
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(n) section 680;
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(o) section 705;
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(p) section 706;
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‘electronic communications technology’, in relation to a creditors’ meeting, means technology that enables real time transmission and real time two-way audio-visual or audio communication enabling relevant attendees as a whole with a reasonable opportunity to participate in the meeting using such technology from a remote location;
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‘electronic platform’, in relation to a creditors’ meeting, means an electronic system for the delivery of audio-visual or audio communication, including websites, access software and access telephone details or any other electronic technology that delivers such communication;
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‘relevant attendee’, in relation to a creditors’ meeting, means the creditor, contributory, liquidator, authorised person representing a body corporate under section 185, officer of the company, shareholder or member, as appropriate, who attends the meeting;
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‘relevant person’, in relation to a creditors’ meeting, means the person summoning, convening or calling the meeting.”.
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