Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies if the restructuring practitioner for a company under restructuring consents to a transaction or dealing under paragraph 453L(2)(b) of the Act.
(2) The consent must be given:
(a) in writing; or
(b) if the restructuring practitioner is satisfied that the delay caused by giving a written consent would not be in the best interests of the company's creditors as a whole--orally.
(3) If the consent is given in writing, the written consent must specify any conditions imposed on the consent.
(4) If the consent is given orally, the restructuring practitioner must, within 2 business days after the day on which the consent is given:
(a) make a written record of the consent and any conditions imposed on the consent; and
(b) provide a copy of the written record to the company.
(5) The restructuring practitioner must keep a record of the consent for 5 years after the day on which the consent is given.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.