Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (130 of 2020)

Schedule 1   Restructuring of a company

Part 2   Consequential amendments

Corporations Act 2001

41   After subsection 482(2A)

Insert:

(2B) If such an application is made in relation to a company subject to a restructuring plan, then, in determining the application, the Court must have regard to all of the following matters:

(a) any report that has been given to the Court by:

(i) the restructuring practitioner, or a former restructuring practitioner, for the company; or

(ii) the liquidator, or a former liquidator, of the company; or

(iii) ASIC;

and that contains an allegation that an officer of the company has engaged in misconduct;

(b) any report that has been lodged with ASIC by:

(i) the restructuring practitioner, or a former restructuring practitioner, for the company; or

(ii) the liquidator, or a former liquidator, of the company;

and that contains an allegation that an officer of the company has engaged in misconduct;

(c) the decision of the company's creditors that the company make a restructuring plan;

(d) any notice that has been given to the restructuring practitioner for the restructuring plan or the company's creditors in relation to a contravention of the restructuring plan;

(e) whether the restructuring plan is likely to result in the company becoming or remaining insolvent;

(f) any other relevant matters.