Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.35

  (1)   This regulation applies in relation to a person if:

  (a)   the person is the restructuring practitioner for a company's restructuring plan; and

  (b)   either:

  (i)   the person was not the company's restructuring practitioner immediately before the person was appointed as the restructuring practitioner for the plan; or

  (ii)   the person was appointed as the restructuring practitioner for the plan under subregulation   5.3B.34(1) otherwise than by the Court.

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

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

  (3)   The person must give a copy of the declaration under subregulation   (2) to as many of the company's creditors as reasonably practicable.

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

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

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

  (5)   In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this regulation, 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.