Functions of restructuring practitioner for restructuring plan
5.3B.37 Functions of restructuring practitioner for restructuring plan
The functions of the restructuring practitioner for a company’s restructuring plan are:
to receive money from, and hold money on trust for, the company; and
to pay the money to creditors in accordance with the plan; and
if requested to do so by the company’s directors:
to realise the property of the company that is available to pay creditors in accordance with the plan; and
to distribute the proceeds of the realisation of the property among the creditors in accordance with the plan; and
to answer questions about the performance or exercise of any of the restructuring practitioner’s functions and powers as restructuring practitioner for the plan; and
to do anything that is incidental to the performance or exercise of those functions and powers; and
to do anything else that is necessary or convenient for the purpose of administering the plan.
This Act’s bill:Explanatory statement
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