Definitions
5.3B.01 Definitions
In this Part, unless the contrary intention appears:
accepted, in relation to a proposal to make a restructuring plan, has the meaning given by subregulation 5.3B.25(1).
admissible debt or claim, in relation to a company under restructuring or a company’s restructuring plan, means a debt or claim that would be admissible to proof against the company under subsection 553(1) of the Act if:
the company were wound up; and
the relevant date were:
if the company is under restructuring—the beginning of the restructuring; and
if the company has made a restructuring plan—the beginning of the restructuring that ended when the plan was made;
but does not include:
the entitlements of an employee of the company; or
a debt or claim that would be admissible to proof under subsection 553(1A) of the Act.
Employee entitlements are defined in subsections 596AA(2) and (3) of the Act and include superannuation contributions payable by the company.
affected creditor means:
in relation to a proposal to vary or terminate a company’s restructuring plan—a creditor of the company who is a party (as creditor) to the plan; or
in relation to a proposal by a company to make a restructuring plan—a person who would be a party to the restructuring plan if it were made.
excluded creditor, in relation to a company under restructuring, means a creditor of the company who:
is the restructuring practitioner for the company; or
was, at the time the restructuring began, a related creditor of the company; or
was, on becoming an affected creditor, a related entity of the restructuring practitioner.
make, in relation to a restructuring plan, has the meaning given by regulation 5.3B.26.
proposal period, in relation to a company under restructuring, has the meaning given by regulation 5.3B.17.
propose, in relation to a restructuring plan, has the meaning given by regulation 5.3B.14.
related creditor of a company means a person who is a related entity, and a creditor, of the company.
restructuring proposal statement means a statement made by a company under regulation 5.3B.16.
This Act’s bill:Explanatory statement
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