Restructuring practitioner may terminate restructuring
453J Restructuring practitioner may terminate restructuring
The restructuring practitioner for a company under restructuring may, at any time, terminate the restructuring of the company:
if the restructuring practitioner believes on reasonable grounds that:
the company does not meet the eligibility criteria for restructuring; or
it would not be in the interests of the creditors to make a restructuring plan; or
it would be in the interests of the creditors for the restructuring to end; or
it would be in the interests of the creditors for the company to be wound up; or
on any other grounds prescribed by the regulations.
The restructuring practitioner for a company under restructuring terminates the restructuring of the company by giving notice in accordance with this section.
The notice must:
be in writing; and
include all information prescribed by the regulations; and
be given to:
the company; and
as many of the company’s creditors as reasonably practicable.
The termination takes effect on the day on which notice under this section is given to the company.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Corporations Regulations 2001 · under s 1364
83 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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