Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.34

  (1)   Where the restructuring practitioner for a company's restructuring plan:

  (a)   dies; or

  (b)   becomes prohibited from acting as restructuring practitioner for the plan; or

  (c)   resigns by notice in writing given to the company;

the appointer may appoint someone else as restructuring practitioner for the restructuring plan.

  (2)   In subregulation   (1):

"appointer" , in relation to the restructuring practitioner for a company's restructuring plan, means:

  (a)   if the restructuring practitioner was appointed by the Court under Division   90 of Schedule   2 to the Act (review of the external administration of a company) or subregulation   (4) of this regulation--the Court; or

  (b)   the company.

  (3)   An appointment under subregulation   (1) by the company must be made by resolution of the board.

  (4)   Where a company has made a restructuring plan, but for some reason no restructuring practitioner for the plan is acting, the Court may appoint a person as restructuring practitioner for the plan on the application of ASIC or of an officer, member or creditor of the company.