Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 456F

Scope

  (1)   This section applies to a restructuring practitioner appointed under subsection   456E(1) otherwise than by the Court.

Declaration of relationships

  (2)   As soon as practicable after being appointed, the restructuring practitioner must make a declaration of relevant relationships.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

Notification of creditors

  (3)   The restructuring practitioner must:

  (a)   give a copy of the declaration under subsection   (2) to as many of the company's creditors as reasonably practicable; and

  (b)   do so at the same time as notice of the appointment is given under section   457A.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

  (4)   As soon as practicable after making a declaration under subsection   (2), the restructuring practitioner must lodge a copy of the declaration with ASIC.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

Updating of declaration

  (5)   If:

  (a)   at a particular time, the restructuring practitioner makes a declaration of relevant relationships under subsection   (2) or this subsection; and

  (b)   at a later time:

  (i)   the declaration has become out - of - date; or

  (ii)   the restructuring practitioner becomes aware of an error in the declaration;

the restructuring practitioner must, as soon as practicable, make a replacement declaration of relevant relationships.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

  (6)   As soon as practicable after making a replacement declaration under subsection   (5), the restructuring practitioner must lodge a copy of the replacement declaration with ASIC.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

Defence

  (7)   In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that:

  (a)   the defendant made reasonable enquiries; and

  (b)   after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.