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 456F   DECLARATIONS BY REPLACEMENT RESTRUCTURING PRACTITIONER - RELEVANT RELATIONSHIPS  

Scope

456F(1)    
This section applies to a restructuring practitioner appointed under subsection 456E(1) otherwise than by the Court.

Declaration of relationships

456F(2)    
As soon as practicable after being appointed, the restructuring practitioner must make a declaration of relevant relationships.

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

Notification of creditors

456F(3)    
The restructuring practitioner must:

(a)    give a copy of the declaration under subsection (2) to as many of the company ' s creditors as reasonably practicable; and

(b)    do so at the same time as notice of the appointment is given under section 457A .

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

456F(4)    
As soon as practicable after making a declaration under subsection (2) , 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) ).

Updating of declaration

456F(5)    
If:

(a)    at a particular time, the restructuring practitioner makes a declaration of relevant relationships under subsection (2) 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(i) the declaration has become out-of-date; or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) ).

456F(6)    
As soon as practicable after making a replacement declaration under subsection (5) , 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) ).

Defence

456F(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.