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CORPORATIONS REGULATIONS 2001 - REG 5.3B.15 Contents of restructuring plan

CORPORATIONS REGULATIONS 2001 - REG 5.3B.15

Contents of restructuring plan

  (1)   A company under restructuring must prepare a restructuring plan that complies with the requirements of this regulation.

  (2)   The restructuring plan must:

  (a)   be in the form approved under regulation   5.3B.65 (if any); and

  (b)   identify the company's property that is to be dealt with; and

  (c)   specify how the property is to be dealt with; and

  (d)   provide for the remuneration of the restructuring practitioner for the plan; and

  (e)   specify the date on which the restructuring plan was executed.

  (3)   The restructuring plan may:

  (a)   authorise the restructuring practitioner for the plan to deal with the identified property in the way specified in the plan; and

  (aa)   provide that, when performing a function or duty, or exercising a power, as restructuring practitioner for the plan, the restructuring practitioner is taken to act as agent for and on behalf of the company; and

  (b)   provide for any matter relating to the company's financial affairs; and

  (c)   be expressed to be conditional on the occurrence of a specified event within a specified period of no longer than 10 business days after the day on which the proposal to make the restructuring plan is accepted.

  (4)   The restructuring plan must not:

  (a)   provide for the transfer of property (other than money) to a creditor; or

  (b)   provide for the company to make payments under the plan, in respect of an admissible debt or claim, after 3 years beginning on the day the plan is made.

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