Appointing a restructuring practitioner
453B Appointing a restructuring practitioner
A company may, by writing, appoint a small business restructuring practitioner for the company if:
the eligibility criteria for restructuring are met in relation to the company on the day the appointment is made; and
the board has resolved to the effect that:
in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
a restructuring practitioner for the company should be appointed.
A company must not appoint a restructuring practitioner under subsection (1) if:
the company is, or is a related body corporate of, a body regulated by APRA (within the meaning of the Australian Prudential Regulation Authority Act 1998); or
the company is already under restructuring; or
the company has made a restructuring plan that has not yet terminated; or
the company is under administration; or
the company has executed a deed of company arrangement that has not yet terminated; or
a person holds an appointment as liquidator, provisional liquidator or administrator of the company.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.