Corporations Regulations 2001

A company under restructuring must prepare a restructuring plan that complies with the requirements of this regulation.

The restructuring plan must:

be in the form approved under regulation 5.3B.65 (if any); and

identify the company’s property that is to be dealt with; and

specify how the property is to be dealt with; and

provide for the remuneration of the restructuring practitioner for the plan; and

specify the date on which the restructuring plan was executed.

The restructuring plan may:

authorise the restructuring practitioner for the plan to deal with the identified property in the way specified in the plan; and

provide that, when performing a function or duty, or exercising a power, as restructuring practitioner for the plan, the restructuring practitioner is taken to act as agent for and on behalf of the company; and

provide for any matter relating to the company’s financial affairs; and

be expressed to be conditional on the occurrence of a specified event within a specified period of no longer than 10 business days after the day on which the proposal to make the restructuring plan is accepted.

The restructuring plan must not:

provide for the transfer of property (other than money) to a creditor; or

provide for the company to make payments under the plan, in respect of an admissible debt or claim, after 3 years beginning on the day the plan is made.