Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020 (F2020L01654)

Schedule 2 Temporary relief for companies seeking a restructuring practitioner

Insert:

5.4.01AAA Temporary increase to the statutory minimum and statutory period - companies eligible for temporary restructuring relief

(1) For the purposes of paragraph (a) of the definition of statutory minimum in section 9 of the Act, the amount prescribed is:

(a) in relation to a company that is eligible for temporary restructuring relief - $20,000; and

(b) otherwise - $2,000.

(2) For the purposes of paragraph (a) of the definition of statutory period in section 9 of the Act, the period prescribed is:

(a) in relation to a company that is eligible for temporary restructuring relief - 6 months; and

(b) otherwise - 21 days.

(3) This regulation is repealed at the end of the period of 7 months starting on the day this regulation commences.