Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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.