Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 5 - Information, reports, documents etc.  

Subdivision B - Information, reports, documents etc. during restructuring  

REGULATION 5.3B.50   NOTICE OF APPOINTMENT OF RESTRUCTURING PRACTITIONER FOR COMPANY  

5.3B.50(1)    
Within 1 business day after the day on which a restructuring practitioner for a company is appointed, the restructuring practitioner must lodge with ASIC notice of the appointment:

(a)    in the prescribed form (if any); and

(b)    in accordance with subregulation 5.6.75(4) .

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

5.3B.50(2)    
Within 1 business day after the day on which a restructuring practitioner for a company is appointed, the restructuring practitioner must give information about the following to as many of the company ' s creditors as reasonably practicable:

(a)    the fact that the restructuring practitioner has been appointed in relation to the company;

(b)    the name of the company;

(c)    any trading name of the company;

(d)    the ACN of the company;

(e)    the name and contact details of the restructuring practitioner;

(f)    the date on which the restructuring practitioner was appointed;

(g)    the restructuring process and the process of making a restructuring plan, including:

(i) the proposal period in relation to the company; and

(ii) the amount of time in which an affected creditor may decide whether a proposed restructuring plan should be accepted; and

(iii) how an affected creditor may verify or dispute the creditor ' s admissible debts or claims;

(h)    how a person may obtain further information about the restructuring process and the process of making a restructuring plan;

(i)    the right of creditors to request information, reports and documents under sections 70-40 and 70-45 of Schedule 2 to the Act.

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