Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 2 - Restructuring  

Subdivision B - Restructuring practitioner for company under restructuring  

REGULATION 5.3B.09   REPLACEMENT RESTRUCTURING PRACTITIONER MUST FULFIL CERTAIN PAST REQUIREMENTS  

5.3B.09(1)    
This regulation applies in relation to a restructuring practitioner for a company (the replacement practitioner) who is appointed under subsection 456E(1) of the Act.

Replacement practitioner must resolve existing creditor disputes

5.3B.09(2)    
If:

(a)    before the appointment, a notice was given under subregulation 5.3B.22(2) to the restructuring practitioner for the company (the former practitioner ) setting out a creditor ' s disagreement with the schedule of debts and claims included with the company ' s restructuring proposal statement; and

(b)    at the time of the appointment, the former practitioner has not given notice under subregulation 5.3B.22(6) or (7) in relation to the disagreement;

the replacement practitioner must give the notice under subregulation 5.3B.22(6) or (7) , as the case requires, as soon as practicable after the appointment.

Replacement practitioner must lodge outstanding notices etc.

5.3B.09(3)    
If:

(a)    before the appointment, a restructuring practitioner for the company was required to do a thing under Subdivision B or C of Division 5 ; and

(b)    at the time of the appointment, the thing has not been done;

the replacement practitioner must do the thing within 2 business days after the day on which the replacement practitioner is appointed.