Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 4 - The restructuring practitioner  

REGULATION 5.3B.47   COMPANY MUST NOTIFY RESTRUCTURING PRACTITIONER OF CERTAIN MATTERS  

5.3B.47(1)    
The directors of a company that has made a restructuring plan that has not terminated must, within 2 business days after the day on which the directors become aware of the happening of an event mentioned in subregulation (4), give written notice of the event to the restructuring practitioner for the plan.

5.3B.47(2)    
The restructuring practitioner must, within 2 business days after the day on which the restructuring practitioner receives the notice:

(a)    lodge with ASIC notice in the prescribed form (if any) of the happening of the event; and

(b)    give a copy of the notice to as many of the company ' s creditors as reasonably practicable.

5.3B.47(3)    
If:

(a)    a restructuring practitioner for the plan (the replacement practitioner ) is appointed under subregulation 5.3B.34(1) ; and

(b)    at the time of the appointment, notice of the happening of the event has not been lodged or given in accordance with subregulation (2);

the directors must give written notice of the event to the replacement practitioner within 2 business days after the day on which the replacement practitioner is appointed.

5.3B.47(4)    
The events that must be notified are as follows:

(a)    an administrator of the company is appointed under section 436A , 436B or 436C of the Act;

(b)    a liquidator or provisional liquidator of the company is appointed.