Corporations Regulations 2001
View history note
Hide history noteThis regulation applies if the restructuring practitioner for a company under restructuring consents to a transaction or dealing under paragraph 453L(2)(b) of the Act.
5.3B.05(2)
The consent must be given: (a) in writing; or (b) if the restructuring practitioner is satisfied that the delay caused by giving a written consent would not be in the best interests of the company ' s creditors as a whole - orally.
5.3B.05(3)
If the consent is given in writing, the written consent must specify any conditions imposed on the consent.
5.3B.05(4)
If the consent is given orally, the restructuring practitioner must, within 2 business days after the day on which the consent is given: (a) make a written record of the consent and any conditions imposed on the consent; and (b) provide a copy of the written record to the company.
5.3B.05(5)
The restructuring practitioner must keep a record of the consent for 5 years after the day on which the consent is given.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.
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