Notice of making of restructuring plan
5.3B.55 Notice of making of restructuring plan
If a company makes a restructuring plan, the restructuring practitioner for the plan must, within 2 business days after the day on which the plan is made:
give to as many of the company’s creditors as reasonably practicable a written notice:
stating that the plan has been made; and
specifying the day on which the plan was made; and
lodge with ASIC notice in the prescribed form (if any) of the making of the plan, including information about:
the total value of the debts and claims set out in the schedule of debts and claims included with the company’s restructuring proposal statement; and
the number of affected creditors to whom the restructuring practitioner gave a copy of the documents mentioned in paragraph 5.3B.21(1)(a); and
the proportion in value of affected creditors that gave, before the end of the acceptance period, a statement under paragraph 5.3B.21(1)(b) that the plan should be accepted.
Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.
This Act’s bill:Explanatory statement
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.