CORPORATIONS REGULATIONS 2001 - REG 5.3B.31 When restructuring plan terminates

CORPORATIONS REGULATIONS 2001 - REG 5.3B.31

  (1)   A company's restructuring plan terminates:

  (a)   on the day on which all of the following conditions are satisfied:

  (i)   the company's obligations under the plan have been fulfilled;

  (ii)   the obligations of any other party to the plan have been fulfilled;

  (iii)   all admissible debts or claims have been dealt with in accordance with the plan; or

  (b)   if the Court makes an order under regulation   5.3B.63 terminating the plan--on the day the Court determines and specifies in the order; or

  (c)   if both of the following conditions are satisfied:

  (i)   the plan is expressed to be subject to the occurrence of a specified event within a specified period of no longer than 10 business days after the day on which the plan is made;

  (ii)   the event does not occur within that period;

    on the next business day after the end of that period; or

  (d)   if both of the following conditions are satisfied:

  (i)   there has been a contravention of the plan by a person bound by the plan;

  (ii)   the contravention has not been rectified within the period of 30 business days beginning on the day the contravention occurred;

    on the next business day after the end of that period; or

  (e)   on the day on which an administrator of the company is appointed under section   436A, 436B or 436C of the Act; or

  (f)   on the day on which a liquidator or provisional liquidator of the company is appointed;

whichever happens first.

  (2)   If a company's restructuring plan terminates because of the happening of the event mentioned in paragraph   (1)(a):

  (a)   the company is entitled to any property that was subject to the plan but that was not required by the plan to be distributed to creditors; and

  (b)   the company is released from all admissible debts or claims.

  (3)   If a company's restructuring plan terminates because of the happening of an event mentioned in paragraph   (1)(b), (c), (d), (e) or (f), any admissible debt or claim that has not been dealt with in accordance with the plan is taken to be due and payable on the business day after the day on which the termination occurs.