CORPORATIONS ACT 2001 - SECT 453J Restructuring practitioner may terminate restructuring

CORPORATIONS ACT 2001 - SECT 453J

  (1)   The restructuring practitioner for a company under restructuring may, at any time, terminate the restructuring of the company:

  (a)   if the restructuring practitioner believes on reasonable grounds that:

  (i)   the company does not meet the eligibility criteria for restructuring; or

  (ii)   it would not be in the interests of the creditors to make a restructuring plan; or

  (iii)   it would be in the interests of the creditors for the restructuring to end; or

  (iv)   it would be in the interests of the creditors for the company to be wound up; or

  (b)   on any other grounds prescribed by the regulations.

  (2)   The restructuring practitioner for a company under restructuring terminates the restructuring of the company by giving notice in accordance with this section.

  (3)   The notice must:

  (a)   be in writing; and

  (b)   include all information prescribed by the regulations; and

  (c)   be given to:

  (i)   the company; and

  (ii)   as many of the company's creditors as reasonably practicable.

  (4)   The termination takes effect on the day on which notice under this section is given to the company.