Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 3 - Restructuring plan  

Subdivision B - Proposing a restructuring plan  

REGULATION 5.3B.21   PROPOSING A RESTRUCTURING PLAN TO CREDITORS  

5.3B.21(1)    
As soon as practicable after a company executes a restructuring plan, the restructuring practitioner for the company must do the following:

(a)    give to as many of the company ' s affected creditors as reasonably practicable a copy of:

(i) the company ' s restructuring plan; and

(ii) the restructuring plan standard terms; and

(iii) the company ' s restructuring proposal statement; and

(iv) the declaration prepared by the restructuring practitioner under regulation 5.3B.18 ;

(b)    ask each affected creditor to:

(i) give a written statement setting out whether or not the restructuring plan should be accepted; and

(ii) if the creditor agrees with the company ' s assessment of the amount of the creditor ' s admissible debts or claims - verify the creditor ' s admissible debts or claims as set out in the schedule of debts and claims included with the restructuring proposal statement; and

(iii) if the creditor disagrees with the company ' s assessment of the amount of the creditor ' s admissible debts or claims - notify the restructuring practitioner in accordance with regulation 5.3B.22 ;

(c)    inform each affected creditor of the person to whom the statement should be given and of the need to give the statement before the end of the acceptance period.

5.3B.21(2)    
Paragraphs (1)(b) and (c) do not apply in relation to an excluded creditor.

Definitions

5.3B.21(3)    
In this regulation:

acceptance period
means:

(a) the period of 15 business days beginning on the day the company ' s restructuring practitioner gives documents in accordance with subregulation (1); or

(b) if creditors are given a notice under paragraph 5.3B.22(7)(d) - the longer of:

(i) the period of 15 business days beginning on the day the company ' s restructuring practitioner gives documents in accordance with subregulation (1) of this regulation; and

(ii) the period beginning on the day the company ' s restructuring practitioner gives documents in accordance with subregulation (1) of this regulation and ending on the last day of the period of 5 business days after the day on which the notice under paragraph 5.3B.22(7)(d) is given; or

(c) such other period as the Court orders under regulation 5.3B.60 .

restructuring plan standard terms
means the terms specified in subregulation 5.3B.27(1) .