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 4 - The restructuring practitioner  

Subdivision B - Removal and replacement of restructuring practitioner  

SECTION 456E   VACANCY IN OFFICE OF RESTRUCTURING PRACTITIONER FOR COMPANY  

456E(1)    
Where the restructuring practitioner for a company:

(a)    dies; or

(b)    becomes prohibited from acting as restructuring practitioner for the company; or

(c)    resigns by notice in writing given to the company;

the appointer may appoint someone else as restructuring practitioner for the company.

456E(2)    
In subsection (1) :

appointer
, in relation to the restructuring practitioner for a company, means:

(a) if the restructuring practitioner was appointed by the Court under Division 90 of Schedule 2 (review of the external administration of a company) or subsection (4) of this section - the Court; or

(b) the company.

456E(3)    
An appointment under subsection (1) by the company must be made by resolution of the board.

456E(4)    
Where a company is under restructuring, but for some reason no restructuring practitioner is acting, the Court may appoint a person as restructuring practitioner on the application of ASIC or of an officer, member or creditor of the company.