Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 3 - Restructuring plan  

Subdivision D - Restructuring practitioner for a restructuring plan  

REGULATION 5.3B.36   REPLACEMENT DECLARATIONS - RELEVANT RELATIONSHIPS  

5.3B.36(1)    
If:

(a)    at a particular time, the restructuring practitioner for a company ' s restructuring plan makes a declaration of relevant relationships under section 453D of the Act or regulation 5.3B.35; 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(i) the declaration has become out-of-date; or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 subregulation is an offence (see subsection 1311(1) of the Act).

5.3B.36(2)    
The restructuring practitioner must give a copy of the replacement declaration under subregulation (1) to as many of the company ' s creditors as reasonably practicable.

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

5.3B.36(3)    
As soon as practicable after making a replacement declaration under subregulation (1), the person must lodge a copy of the replacement declaration with ASIC.

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

5.3B.36(4)    
In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this regulation, 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.