Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 3 - Restructuring plan  

Subdivision C - Accepting a proposal for a restructuring plan  

REGULATION 5.3B.30   PROTECTION OF COMPANY ' S PROPERTY FROM PERSONS BOUND BY RESTRUCTURING PLAN  

5.3B.30(1)    
Until a restructuring plan terminates, this regulation applies to a person bound by the plan.

5.3B.30(2)    
A person bound by the plan cannot:

(a)    make an application for an order to wind up the company on the basis of an admissible debt or claim; or

(b)    proceed with such an application made before the plan became binding on the person.

5.3B.30(3)    
A person bound by the plan cannot:

(a)    begin or proceed with a proceeding against the company or in relation to any of its property to recover an admissible debt or claim; or

(b)    begin or proceed with an enforcement process in relation to property of the company to recover an admissible debt or claim;

except:

(c)    with the leave of the Court; and

(d)    in accordance with such terms (if any) as the Court imposes.

5.3B.30(4)    
(Repealed by FRLI No F2023L01458, Sch 1 [ 77] (effective 1 November 2023).)