CORPORATIONS ACT 2001 - SECT 455B Restructuring plan

CORPORATIONS ACT 2001 - SECT 455B

Proposing a restructuring plan

  (1)   The regulations may make provision for and in relation to the following:

  (a)   proposing a restructuring plan;

  (b)   the matters that must or may be included in a restructuring plan;

  (c)   accepting and rejecting a proposal for a restructuring plan;

  (d)   the circumstances in which a proposal for a restructuring plan lapses;

  (e)   the consequences of a proposal for a restructuring plan lapsing.

Making, varying and terminating a restructuring plan

  (2)   The regulations may make provision for and in relation to the following:

  (a)   making a restructuring plan;

  (b)   the consequences of making a restructuring plan;

  (c)   the variation of a restructuring plan;

  (d)   the termination of a restructuring plan;

  (e)   the consequences of a restructuring plan being varied or terminating.

Debts and claims

  (3)   The regulations may make provision for and in relation to the following:

  (a)   debts and claims that must or may be dealt with in a restructuring plan;

  (b)   the calculation of the value of those debts and claims under a restructuring plan;

  (c)   the proof and ranking of those debts and claims under a restructuring plan;

  (d)   the property of a company that must or may be used in payment of those debts and claims under a restructuring plan;

  (e)   the payment of those debts and claims under a restructuring plan;

  (f)   the period within which those debts and claims must be paid under a restructuring plan;

  (g)   the treatment of those debts and claims under a restructuring plan if the property of the company is not sufficient to satisfy those debts and claims in full;

  (h)   the nature and duration of any moratorium on the enforcement of debts of and claims against a company that makes a restructuring plan;

  (i)   the effect of a restructuring plan on rights, obligations and liabilities in relation to debts of and claims against a company.

Contributories

  (4)   The regulations may make provision for and in relation to the following:

  (a)   the identification of contributories of the company;

  (b)   the rights, obligations and liabilities of contributories of the company in relation to a restructuring plan.

Circumstances in which restructuring plan void

  (5)   The regulations may make provision for and in relation to the following:

  (a)   the circumstances in which all or part of a restructuring plan is void;

  (b)   the consequences if all or part of a restructuring plan is void.

Contravention of a restructuring plan

  (6)   The regulations may make provision for and in relation to the following:

  (a)   the circumstances in which a restructuring plan is contravened;

  (b)   the consequences if a restructuring plan is contravened.

The restructuring practitioner

  (7)   The regulations may make provision for and in relation to the following:

  (a)   the appointment of a restructuring practitioner for a restructuring plan;

  (b)   the functions of the restructuring practitioner for a restructuring plan;

  (c)   the duties of the restructuring practitioner for a restructuring plan;

  (d)   the powers of the restructuring practitioner for a restructuring plan;

  (e)   the rights, obligations and liabilities of the restructuring practitioner for a restructuring plan arising out of the performance of the functions and duties, and the exercise of the powers, of the restructuring practitioner for the plan.

General

  (8)   Without limiting anything in this section, the regulations may make provision for and in relation to any information (including personal information within the meaning of the Privacy Act 1988 ), report or other document that must or may be created or given in relation to a proposal for a restructuring plan, or a restructuring plan.