Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.57

  (1)   If a company's restructuring plan terminates because of the happening of the event mentioned in paragraph   5.3B.31(1)(a):

  (a)   the directors of the company must, within 2 business days after the day on which the directors become aware of the happening of the event, give written notice of the termination to the person (the former practitioner ) who was the restructuring practitioner for the plan immediately before the termination; and

  (b)   the former practitioner must, within 2 business days after the day on which the former practitioner receives the notice:

  (i)   lodge with ASIC notice in the prescribed form (if any) of the termination; and

  (ii)   give a copy of the notice 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.

  (2)   If a company's restructuring plan terminates because of the happening of an event mentioned in paragraph   5.3B.31(1)(b), (c), (d), (e) or (f):

  (a)   the directors of the company must, within 2 business days after the day on which the directors become aware of the happening of the event, give written notice of the termination and the reason for the termination to the person (the former practitioner ) who was the restructuring practitioner for the plan immediately before the termination; and

  (b)   the former practitioner must, within 2 business days after the day on which the former practitioner receives the notice:

  (i)   lodge with ASIC notice in the prescribed form (if any) of the termination and the reason for the termination; and

  (ii)   give a copy of the notice 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.