Corporations Regulations 2001
View history note
Hide history noteThe restructuring practitioner for a company under restructuring commits an offence if: (a) at any time before the restructuring practitioner prepares a declaration under regulation 5.3B.18 in relation to the company ' s restructuring plan:
(i) the restructuring practitioner becomes aware that the information in the plan, or in the restructuring proposal statement that accompanies the plan, is incomplete or inaccurate; and
(b) the restructuring practitioner does not, as soon as practicable after becoming so aware:
(ii) the restructuring practitioner has reasonable grounds to believe that, if the plan is made, the matter to which the incompleteness or inaccuracy relates is likely to affect the company ' s ability to meet its obligations under the plan; and
(i) notify the company of the incompleteness or inaccuracy; and
(ii) provide an opportunity for the company to address the incompleteness or inaccuracy.
Penalty: 50 penalty units.
5.3B.19(2)
An offence based on subregulation (1) is an offence of strict liability.
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