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CORPORATIONS ACT 2001 - SECT 458F Directors declare company not eligible for temporary restructuring relief

CORPORATIONS ACT 2001 - SECT 458F

Directors declare company not eligible for temporary restructuring relief

  (1)   The directors of a company contravene this subsection if:

  (a)   there are not reasonable grounds to believe either or both of the following:

  (i)   that the company is insolvent, or is likely to become insolvent before the declaration under subparagraph   458E(1)(a)(i) expires;

  (ii)   that the eligibility criteria for restructuring would be met in relation to the company if a restructuring practitioner were appointed on the day on which notice of the declaration under subparagraph   458E(1)(a)(i) is published, or on any day afterwards on which the declaration has not expired; and

  (b)   one or more of the directors becomes aware of that fact; and

  (c)   the directors do not, within 5 business days after one or more of the directors becoming aware of that fact:

  (i)   make a declaration in writing that the company is not eligible for temporary restructuring relief; and

  (ii)   publish notice of the declaration in the prescribed manner; and

  (iii)   give ASIC a copy of the declaration.

Note:   This subsection is a civil penalty provision (see section   1317E).

  (2)   The directors of a company may:

  (a)   make a declaration in writing that the company is not to be treated as eligible for temporary restructuring relief for any other reason; and

  (b)   publish notice of the declaration in the prescribed manner.

  (3)   If the directors of a company make a declaration under paragraph   (2)(a), the directors must give ASIC a copy of the declaration within 5 business days after doing so.

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