Vacancy in office of restructuring practitioner for restructuring plan
5.3B.34 Vacancy in office of restructuring practitioner for restructuring plan
Where the restructuring practitioner for a company’s restructuring plan:
dies; or
becomes prohibited from acting as restructuring practitioner for the plan; or
resigns by notice in writing given to the company;
the appointer may appoint someone else as restructuring practitioner for the restructuring plan.
In subregulation (1):
appointer, in relation to the restructuring practitioner for a company’s restructuring plan, means:
if the restructuring practitioner was appointed by the Court under Division 90 of Schedule 2 to the Act (review of the external administration of a company) or subregulation (4) of this regulation—the Court; or
the company.
An appointment under subregulation (1) by the company must be made by resolution of the board.
Where a company has made a restructuring plan, but for some reason no restructuring practitioner for the plan is acting, the Court may appoint a person as restructuring practitioner for the plan on the application of ASIC or of an officer, member or creditor of the company.
This Act’s bill:Explanatory statement
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