Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 5 - Information, reports, documents etc.  

Subdivision C - Information, reports, documents etc. once restructuring plan is made  

REGULATION 5.3B.55  

5.3B.55   NOTICE OF MAKING OF RESTRUCTURING PLAN  

If a company makes a restructuring plan, the restructuring practitioner for the plan must, within 2 business days after the day on which the plan is made:

(a)    give to as many of the company ' s creditors as reasonably practicable a written notice:

(i) stating that the plan has been made; and

(ii) specifying the day on which the plan was made; and

(b)    lodge with ASIC notice in the prescribed form (if any) of the making of the plan, including information about:

(i) the total value of the debts and claims set out in the schedule of debts and claims included with the company ' s restructuring proposal statement; and

(ii) the number of affected creditors to whom the restructuring practitioner gave a copy of the documents mentioned in paragraph 5.3B.21(1)(a) ; and

(iii) the proportion in value of affected creditors that gave, before the end of the acceptance period, a statement under paragraph 5.3B.21(1)(b) that the plan should be accepted.

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