Flowchart 12: Pooling

This flowchart and the explanatory text should be read with Information Sheet 29 External administration, controller appointments and schemes of arrangement: Most commonly lodged forms (INFO 29). It explains the forms required to set up, vary and end a pooling determination or order of companies which had the same appointment type.

When using the registered liquidator portal, all forms lodged while a pooling determination or order is in place will be recorded against the records for the individual companies. This includes forms lodged to finalise a liquidation. Where the pooling determination or order remains in place until the liquidation ends, no further forms are required to finalise the pooling determination or order specifically.

Unless otherwise permitted by the Corporations Act, a person must not act as a creditors’ voluntary liquidator unless they are a registered liquidator: section 532(1)(a).

Flowchart 12: Pooling

Info 29 Flowchart 12 Alt June 2019

* ASIC PNW = ASIC published notices website.

Explanation of Flowchart 12: Pooling[1]

Step Form or notice Notes

1
(contingent)

Meeting to consider approving a pooling determination

ASIC published notices website[2]
Notice of meeting of eligible unsecured creditors

Legislation: section 577(1A), section 75-10 of Schedule 2 and Rule 75-40 of the Practice Rules.

Requirement: Publication is mandatory, if meeting to consider approving a pooling determination.

Publication: The convenor must publish the notice on the ASIC published notices website at least 5 business days before the meeting is held.

and…

Form 5011
Copy of minutes of meeting

Legislation: Rule 75-145(1)(c) of the Practice Rules. Form 5011 is an ASIC administrative form.

Requirement: Lodgement is mandatory.

Tick-a-box choice (Details of minutes of meeting): 'No', the minutes are not being lodged for a meeting convened under s436E or s439A of the Corporations Act 2001.

Lodgement: The person presiding at the meeting must lodge a copy of the minutes within 1 month after the meeting. Online lodgement is preferred.

Note 1: The meeting is to be adjourned and reconvened if there is no quorum after 30 minutes: Rule 75-105(4). Minutes of the meeting with no quorum must be lodged: Rule 75-145.

Note 2: Under Rule 75-145(4), a record of persons present at a meeting must be kept as part of the minutes. Form 5011 provides further guidance about this requirement.

2 (select one of Steps 2a-2b, as dictated by the circumstances):

2a
(pooling order by court)

Form 1501 Notification of details of pooling determination or order

Legislation: section 579E(1) and (13). Form 1501 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory.

Tick-a-box choice (Notification of pooling): A new pooling order.

Lodgement: The liquidator must lodge Form 1501 and must record a name for the pooled group. There is no specified time limit. Lodgement must be online.

Go to Step 4

2b
(pooling determination by liquidator)

Form 1501 Notification of details of pooling determination or order

Legislation: sections 571(1)(c), 573(1) and 578. Form 1501 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory.

Tick-a-box choice (Notification of pooling): A new pooling determination.

Lodgement: The liquidator must lodge within 7 days after the pooling determination comes into force (when it is approved by the creditors of the companies in the group), and must record a name for the pooled group. Lodgement must be online.

3
(contingent)

Meeting to consider variation of pooling determination

ASIC published notices website Notice of meeting of eligible unsecured creditors

Legislation: section 75-10 of Schedule 2 and Rule 75-40 of the Practice Rules.

Requirement: Publication is mandatory.

Publication: The convenor must publish the notice on the ASIC published notices website at least 5 business days before the meeting is held.

and ...

Form 5011
Copy of minutes of meeting

Legislation: Rule 75-145(1)(c) of the Practice Rules. Form 5011 is an ASIC administrative form.

Requirement: Lodgement is mandatory, contingent on the circumstances arising (if meeting to consider the variation of a pooling determination).

Tick-a-box choice (Details of minutes of meeting): 'No', the minutes are not being lodged for a meeting convened under s436E or s439A of the Corporations Act 2001.

Lodgement: The person presiding at the meeting must lodge a copy of the minutes within 1 month after the meeting. Online lodgement is preferred.

Note 1: The meeting is to be adjourned and reconvened if there is no quorum after 30 minutes: Rule 75-105(4). Minutes of the meeting with no quorum must be lodged: Rule 75-145.

Note 2: Under Rule 75-145(4), a record of persons present at a meeting must be kept as part of the minutes. The form provides further guidance about this requirement.

If the liquidator varies the determination, go to Step 4f. If there is no variation, go to Step 5

4 (select one of the optional Steps 4a–4e, as dictated by the circumstances):

4a
(contingent)

Variation or termination of pooling determination or order by court

Form 1502 Notification of variation to details of pooling determination or order

Legislation: section 579A(3). Form 1502 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory, contingent on the circumstances arising.

Tick-a-box choice (Type of variation or order): Select 'Variation of pooling determination by Court (s579A)' or 'Court terminates pooling determination under s579A'.

Lodgement: The liquidator must lodge this form within 2 business days after the making of the order. Lodgement must be online.

4b
(contingent)

Cancellation or confirmation of variation of pooling determination by court

Form 1502 Notification of variation to details of pooling determination or order

Legislation: sections 579B(3). Form 1502 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory, contingent on the circumstances arising.

Tick-a-box choice (Type of variation or order): Select only one of the following:

  • 'Court cancels whole of variation of pooling determination under s579B', or
  • 'Court cancels part of variation of pooling determination under s579B', or
  • 'Court confirms whole of variation of pooling determination under s579B', or
  • 'Court confirms part of variation of pooling determination under s579B'.

Lodgement: The liquidator must lodge this form within 2 business days after the making of the order. Lodgement must be online.

4c
(contingent)

Court declares void or validates pooling determination

Form 1502 Notification of variation to details of pooling determination or order

Legislation: sections 579C(6) and 579C(7). Form 1502 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory, contingent on the circumstances arising.

Tick-a-box choice (Type of variation or order): Select only one of the following:

  • 'Court has declared pooling determination void under s579C(2)', or
  • 'Court has declared pooling determination not void under s579C(2)', or
  • 'Court has declared provision(s) of pooling determination void under s579C(2)', or
  • 'Court has declared provision(s) of pooling determination not void under s579C(2)', or
  • 'Court has declared pooling determination (or a provision of it) valid under s579C(3)'.

Lodgement: The liquidator must lodge this form within 2 business days after the making of the order. Lodgement must be online.

4d
(contingent)

Variation of pooling order by court

Form 1502 Notification of variation to details of pooling determination or order

Legislation: section 579F(3). Form 1502 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory, contingent on the circumstances arising.

Tick-a-box choice (Type of variation or order): Select 'Court orders variation of pooling order under s579F'.

Lodgement: The liquidator must lodge this form. There is no specified time limit. Lodgement must be online.

4e
(contingent)

Court makes ancillary orders or varies the ancillary orders

Form 1502 Notification of variation to details of pooling determination or order

Legislation: sections 579G or 579H. Form 1502 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory, contingent on the circumstances arising.

Tick-a-box choice (Type of variation or order): Select 'Court makes ancillary order or gives directions in relation to pooling order under s579G' or 'Court orders variation of ancillary order or directions given in relation to pooling order under s579H'.

Lodgement: The liquidator must lodge this form. There is no specified time limit. Lodgement must be online.

Go to Step 5
4f
(contingent)

Variation of pooling determination by liquidator

Form 1502 Notification of variation to details of pooling determination or order

Legislation: section 573(2). Form 1502 is an ASIC administrative form (available online only).

Requirement: Lodgement is mandatory, contingent on the circumstances arising.

Tick-a-box choice (Type of variation or order): Select 'Variation of pooling determination by liquidator (s572)'.

Lodgement: If eligible unsecured creditors resolve to vary the pooling determination, the liquidator must lodge within 7 days after the varied pooling determination comes into force. Lodgement must be online.

5 (select one of Steps 5a or 5b, as required by the circumstances):

5a
(court-ordered winding up)

Court liquidator has already been appointed

The appointment will continue as a court-ordered winding up of a pooled group. Go to Flowchart 3.

Note 1: Lodgement of Forms 5602: It is our expectation that a Form 5602 will be lodged for each individual company in the group to cover the period to the start date of the pooled group.

Note 2: Finalisation: Where the pooling order or determination remains in place until the liquidation ends, no further forms are required to finalise the pooling order or determination specifically.

5b
(creditors’ voluntary winding up)

Creditors’ voluntary liquidator has already been appointed

The appointment will continue as a creditors’ voluntary winding up of a pooled group. Go to Flowchart 7.

Note 1: Lodgement of Forms 5602: It is our expectation that a Form 5602 will be lodged for each individual company in the group to cover the period to the start date of the pooled group.

Note 2: Finalisation: Where the pooling order or determination remains in place until the liquidation ends, no further forms are required to finalise the pooling order or determination specifically.

More information

For more information on external administration, visit www.asic.gov.au/insolvency or contact ASIC on 1300 300 630 or online at www.asic.gov.au/question.


[1] Types of forms: Information is lodged with, and received by, ASIC for recording on the company register as ‘forms’. Forms fall into one of the following categories:

  • a prescribed form, which is a form prescribed in Schedule 2 to the Corporations Regulations, or
  • an ASIC-approved form, which is a form that is not prescribed, but is one that ASIC may approve under section 350 of the Corporations Act and section 100-6 of Schedule 2, or
  • an ASIC administrative form, which is a form that is neither prescribed nor approved, but is one that has been given an administrative form number by ASIC for the purpose of identifying the type of information being lodged (e.g. Form 5011).

[2] ASIC published notices website: An ASIC-hosted website for the publication of notices, including insolvency and external administration-related notices, required to be published in the prescribed manner under Part 5.1, 5.3A, 5.4, 5.4B, 5.4C, 5.5, 5.6, 5.8 or 5A.1 of the Corporations Act, Schedule 2, the Practice Rules or lodged in accordance with regulation 5.6.75 of the Corporations Regulations.

Last updated: 19/09/2019 10:29