Corporations Act 2001
Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .
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456F(1)
This section applies to a restructuring practitioner appointed under subsection 456E(1) otherwise than by the Court.
Declaration of relationships
456F(2)
As soon as practicable after being appointed, the restructuring practitioner must make a declaration of relevant relationships.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
Notification of creditors
456F(3)
The restructuring practitioner must: (a) give a copy of the declaration under subsection (2) to as many of the company ' s creditors as reasonably practicable; and (b) do so at the same time as notice of the appointment is given under section 457A .
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
456F(4)
As soon as practicable after making a declaration under subsection (2) , the restructuring practitioner must lodge a copy of the declaration with ASIC.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
Updating of declaration
456F(5)
If: (a) at a particular time, the restructuring practitioner makes a declaration of relevant relationships under subsection (2) or this subsection; and (b) at a later time:
(i) the declaration has become out-of-date; or
(ii) the restructuring practitioner becomes aware of an error in the declaration;
the restructuring practitioner must, as soon as practicable, make a replacement declaration of relevant relationships.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
456F(6)
As soon as practicable after making a replacement declaration under subsection (5) , the restructuring practitioner must lodge a copy of the replacement declaration with ASIC.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
Defence
456F(7)
In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that: (a) the defendant made reasonable enquiries; and (b) after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.
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