Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (130 of 2020)
Schedule 1 Restructuring of a company
Part 2 Consequential amendments
Corporations Act 2001
22 After paragraph 12.1 of the small business guide in Part 1.5
Insert:
12.1A Restructuring
If a company experiences financial problems, the directors may appoint a small business restructuring practitioner to help the company develop a plan to restructure.
If the company's creditors do not agree to the plan, the company may be placed in voluntary administration (see 12.1) or wound up (see 12.3).
[Part 5.3B]
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