Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (130 of 2020)

Schedule 1   Restructuring of a company

Part 2   Consequential amendments

Corporations Act 2001

16   After subsection 60(1)

Insert:

Restructuring practitioner

(1A) In this Act, a declaration of relevant relationships , in relation to a restructuring practitioner for a company under restructuring, means a written declaration:

(a) stating whether any of the following:

(i) the restructuring practitioner;

(ii) if the restructuring practitioner's firm (if any) is a partnership - a partner in that partnership;

(iii) if the restructuring practitioner's firm (if any) is a body corporate - that body corporate or an associate of that body corporate;

has, or has had within the preceding 24 months, a relationship with:

(iv) the company; or

(v) an associate of the company; or

(vi) a former liquidator, or former provisional liquidator, of the company; or

(vii) a person who is entitled to enforce a security interest in the whole, or substantially the whole, of the company's property (including any PPSA retention of title property); and

(b) if so, stating the restructuring practitioner's reasons for believing that none of the relevant relationships result in the restructuring practitioner having a conflict of interest or duty.