Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 453B

  (1)   A company may, by writing, appoint a small business restructuring practitioner for the company if:

  (a)   the eligibility criteria for restructuring are met in relation to the company on the day the appointment is made; and

  (b)   the board has resolved to the effect that:

  (i)   in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and

  (ii)   a restructuring practitioner for the company should be appointed.

  (2)   A company must not appoint a restructuring practitioner under subsection   (1) if:

  (aa)   the company is, or is a related body corporate of, a body regulated by APRA (within the meaning of the Australian Prudential Regulation Authority Act 1998 ); or

  (a)   the company is already under restructuring; or

  (b)   the company has made a restructuring plan that has not yet terminated; or

  (c)   the company is under administration; or

  (d)   the company has executed a deed of company arrangement that has not yet terminated; or

  (e)   a person holds an appointment as liquidator, provisional liquidator or administrator of the company.