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.37  

5.3B.37   FUNCTIONS OF RESTRUCTURING PRACTITIONER FOR RESTRUCTURING PLAN  

The functions of the restructuring practitioner for a company ' s restructuring plan are:

(a)    to receive money from, and hold money on trust for, the company; and

(b)    to pay the money to creditors in accordance with the plan; and

(c)    if requested to do so by the company ' s directors:

(i) to realise the property of the company that is available to pay creditors in accordance with the plan; and

(ii) to distribute the proceeds of the realisation of the property among the creditors in accordance with the plan; and

(d)    to answer questions about the performance or exercise of any of the restructuring practitioner ' s functions and powers as restructuring practitioner for the plan; and

(e)    to do anything that is incidental to the performance or exercise of those functions and powers; and

(f)    to do anything else that is necessary or convenient for the purpose of administering the plan.