Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.50

  (1)   Within 1 business day after the day on which a restructuring practitioner for a company is appointed, the restructuring practitioner must lodge with ASIC notice of the appointment:

  (a)   in the prescribed form (if any); and

  (b)   in accordance with subregulation   5.6.75(4).

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

  (2)   Within 1 business day after the day on which a restructuring practitioner for a company is appointed, the restructuring practitioner must give information about the following to as many of the company's creditors as reasonably practicable:

  (a)   the fact that the restructuring practitioner has been appointed in relation to the company;

  (b)   the name of the company;

  (c)   any trading name of the company;

  (d)   the ACN of the company;

  (e)   the name and contact details of the restructuring practitioner;

  (f)   the date on which the restructuring practitioner was appointed;

  (g)   the restructuring process and the process of making a restructuring plan, including:

  (i)   the proposal period in relation to the company; and

  (ii)   the amount of time in which an affected creditor may decide whether a proposed restructuring plan should be accepted; and

  (iii)   how an affected creditor may verify or dispute the creditor's admissible debts or claims;

  (h)   how a person may obtain further information about the restructuring process and the process of making a restructuring plan;

  (i)   the right of creditors to request information, reports and documents under sections   70 - 40 and 70 - 45 of Schedule   2 to the Act.

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