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.34   VACANCY IN OFFICE OF RESTRUCTURING PRACTITIONER FOR RESTRUCTURING PLAN  

5.3B.34(1)    
Where the restructuring practitioner for a company ' s restructuring plan:

(a)    dies; or

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

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

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

5.3B.34(2)    
In subregulation (1):

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

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

(b) the company.

5.3B.34(3)    
An appointment under subregulation (1) by the company must be made by resolution of the board.

5.3B.34(4)    
Where a company has made a restructuring plan, but for some reason no restructuring practitioner for the plan is acting, the Court may appoint a person as restructuring practitioner for the plan on the application of ASIC or of an officer, member or creditor of the company.