453S
In forceStay of proceedings
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.3BRestructuring of a company
Division 2Restructuring
Subdivision EEffect on company etc. during restructuring
453S Stay of proceedings
(1)
During the restructuring of a company, a proceeding in a court against the company or in relation to any of its property cannot be begun or proceeded with, except:
(a)
with the restructuring practitioner’s written consent; or
(b)
with the leave of the Court and in accordance with such terms (if any) as the Court imposes.
(2)
Subsection (1) does not apply to:
(a)
a criminal proceeding; or
(b)
a prescribed proceeding.
This Act’s bill:Explanatory memorandumSecond reading speech
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