Sven is an unsecured creditor of Omega Ltd, a company that has issued both fully paid and partly paid shares. Sven is concerned about Omega Ltd's capacity to pay him the amount he is owed. His concerns are worsened when he learns that Omega Ltd is considering returning capital to its members and reducing the uncalled amount of the member's partly paid shares.

Required:

What procedures are available to Omega Ltd under the Corporations Act 2001 (Cth) in order to return capital to members and reduce members' liability for the uncalled amount of partly paid shares and can these procedures be used to the detriment of creditors like Sven?

Steps 1 and 2: 5Marks

Steps 3 and 4: 5Marks