Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision B - Appointment of restructuring practitioner  

SECTION 453D   DECLARATION BY RESTRUCTURING PRACTITIONER - RELEVANT RELATIONSHIPS  

453D(1)    

As soon as practicable after being appointed, a restructuring practitioner for a company must make a declaration of relevant relationships.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

453D(2)    
The restructuring practitioner must give a copy of the declaration under subsection (1) to as many of the company ' s creditors as reasonably practicable.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

453D(3)    
As soon as practicable after making a declaration under subsection (1) , the restructuring practitioner must lodge a copy of the declaration with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

453D(4)    
If:

(a)    at a particular time, the restructuring practitioner makes a declaration of relevant relationships under subsection (1) or this subsection; and

(b)    at a later time:

(i) the declaration has become out-of-date; or

(ii) the restructuring practitioner becomes aware of an error in the declaration;

the restructuring practitioner must, as soon as practicable, make a replacement declaration of relevant relationships.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

453D(5)    
The restructuring practitioner must give a copy of the replacement declaration under subsection (4) to as many of the company ' s creditors as reasonably practicable.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

453D(6)    
As soon as practicable after making a replacement declaration under subsection (4) , the restructuring practitioner must lodge a copy of the replacement declaration with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

453D(7)    
In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that:

(a)    the defendant made reasonable enquiries; and

(b)    after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.