Corporations Regulations 2001
View history note
Hide history noteFor the purposes of paragraph 453C(1)(a) of the Act, the test for eligibility is that on the day the restructuring begins the total liabilities of the company to pay any admissible debts and claims must not exceed $1 million.
5.3B.03(2)
For the purposes of paragraph 453C(1)(b) of the Act, a period of 7 years is prescribed.
5.3B.03(3)
For the purposes of paragraph 453C(1)(c) of the Act, a period of 7 years is prescribed.
5.3B.03(4)
For the purposes of paragraph 453C(2)(b) of the Act, a prescribed circumstance is that: (a) the other company is a related body corporate of the company in relation to which the eligibility criteria are to be met; and (b) the other company is, or has been:
(i) under restructuring; or
(c) if subparagraph (b)(i) applies - the restructuring practitioner for the other company was appointed no more than 20 business days before the day on which the restructuring of the company in relation to which the eligibility criteria are to be met began; and (d) if subparagraph (b)(ii) applies - the other company began to follow the simplified liquidation process no more than 20 business days before the day on which the restructuring of the company in relation to which the eligibility criteria are to be met began.
(ii) the subject of a simplified liquidation process; and
5.3B.03(5)
(Repealed by FRLI No F2023L01458, Sch 1 [ 81] (effective 1 November 2023).)
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