Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)

Schedule 2   Consequential and transitional matters arising from corporate insolvency reforms

Corporations Act 2001

29   At the end of Subdivision C of Division 4 of Part 5.3B

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456LA Restructuring practitioner has qualified privilege

A person who is or has been the restructuring practitioner for a company or a company's restructuring plan has qualified privilege in respect of a statement that the person has made, whether orally or in writing, in the course of performing or exercising any of the person's functions and powers as restructuring practitioner for the company or the plan.

456LB Protection of persons dealing with restructuring practitioner

(1) Sections 128 and 129 apply in relation to a company that is under restructuring as if:

(a) a reference in those sections to the company, or to an officer of the company, included a reference to the restructuring practitioner for the company; and

(b) a reference in those sections to an assumption referred to in section 129 included a reference to an assumption that the restructuring practitioner is:

(i) acting within the restructuring practitioner's functions and powers as restructuring practitioner; and

(ii) in particular, is complying with this Act.

(2) Sections 128 and 129 apply in relation to a company that has made a restructuring plan as if:

(a) a reference in those sections to the company, or to an officer of the company, included a reference to the restructuring practitioner for the plan; and

(b) a reference in those sections to an assumption referred to in section 129 included a reference to an assumption that the restructuring practitioner is:

(i) acting within the restructuring practitioner's functions and powers as restructuring practitioner; and

(ii) in particular, is complying with this Act.

(3) The effect that sections 128 and 129 have because of subsections (1) and (2) of this section is additional to, and does not prejudice, the effect that sections 128 and 129 otherwise have in relation to a company that is under restructuring or that has made a restructuring plan.