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

Schedule 2   Consequential and transitional matters arising from corporate insolvency reforms

Corporations (Aboriginal and Torres Strait Islander) Act 2006

22   Section 700-1

Insert:

restructuring plan :

(a) in relation to an Aboriginal and Torres Strait Islander corporation - means a plan executed by the corporation under Part 5.3B of the Corporations Act (as applied by section 522-1 of this Act), or such a plan as varied and in force from time to time; or

(b) in relation to a body corporate other than an Aboriginal and Torres Strait Islander corporation - means a plan executed by the body corporate under Part 5.3B of the Corporations Act, or such a plan as varied and in force from time to time.

restructuring practitioner :

(a) in relation to an Aboriginal and Torres Strait Islander corporation but not in relation to a restructuring plan:

(i) means a small business restructuring practitioner for the corporation appointed under Part 5.3B of the Corporations Act (as applied by section 522-1 of this Act); and

(ii) if 2 or more persons are appointed under that Part as small business restructuring practitioners for the corporation - has a meaning affected by paragraph 456M(2)(b) of that Act as so applied; or

(b) in relation to a restructuring plan made by an Aboriginal and Torres Strait Islander corporation:

(i) means a small business restructuring practitioner for the plan appointed under Part 5.3B of the Corporations Act (as applied by section 522-1 of this Act); and

(ii) if 2 or more persons are appointed under that Part as small business restructuring practitioners for the plan - has a meaning affected by paragraph 456N(2)(b) of that Act as so applied; or

(c) in relation to a body corporate (other than an Aboriginal and Torres Strait Islander corporation) but not in relation to a restructuring plan:

(i) means a small business restructuring practitioner for the body or entity appointed under Part 5.3B of the Corporations Act; and

(ii) if 2 or more persons are appointed under that Part as small business restructuring practitioners for the body or entity - has a meaning affected by paragraph 456M(2)(b) of the Corporations Act; or

(d) in relation to a restructuring plan made by a body corporate (other than an Aboriginal and Torres Strait Islander corporation):

(i) means a small business restructuring practitioner for the plan appointed under Part 5.3B of the Corporations Act; and

(ii) if 2 or more persons are appointed under that Part as small business restructuring practitioners for the plan - has a meaning affected by paragraph 456N(2)(b) of the Corporations Act.