Corporations Regulations 2001

A company’s restructuring plan is accepted if, at the end of the last day of the acceptance period, the majority in value of those creditors from whom the restructuring practitioner for the plan has received a statement under paragraph 5.3B.21(1)(b) stated that the restructuring plan should be accepted.

For the purposes of subregulation (1):

the value of an affected creditor is to be worked out:

by reference to the value of the creditor’s admissible debts or claims that are known at the time the restructuring began; or

if a person is an affected creditor because the person purchased another creditor’s admissible debts or claims—by reference to the value of the purchase price; and

where there have been mutual credits, mutual debts or other mutual dealings between the company and an affected creditor:

an account is to be taken of what is due from the one party to the other in respect of those mutual dealings; and

the sum due from the one party is to be set off against any sum due from the other party; and

the value of the affected creditor is to be worked out only by reference to the balance of the account; and

disregard an affected creditor who is an excluded creditor.

For the purposes of subparagraph (a)(ii), the purchase price would normally be the price stated in the contract for the purchase of the admissible debt or claim. However, if the amount paid by the person is different from the price stated in the contract, then the purchase price would be the amount that was actually paid.

A person commits an offence if:

the person gives, or agrees or offers to give, to an affected creditor any valuable consideration; and

the person does so with the intention of securing the affected creditor’s acceptance or non‑acceptance of the restructuring plan.

In this regulation: