Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies if:
(a) a company proposes to make a restructuring plan; and
(b) a person notifies the company's restructuring practitioner under subregulation 5.3B.22(2) that the person disagrees with the schedule of debts and claims included with the company's restructuring proposal statement; and
(c) the restructuring practitioner:
(i) refuses to consider the disagreement under subregulation 5.3B.22(5); or
(ii) makes, or refuses to make, a recommendation under subregulation 5.3B.22(7) to vary the schedule of debts and claims.
(2) The Court may, on the application of the company or a creditor of the company, make one or more of the following orders:
(a) that the restructuring practitioner consider the disagreement and make a recommendation in accordance with subregulation 5.3B.22(7);
(b) that the schedule of debts and claims be varied as set out in the order;
(c) that the acceptance period for the proposal to make the restructuring plan be extended.
(3) If the Court makes an order under subregulation (2), the restructuring practitioner must, within 2 business days after the day on which the order is made:
(a) lodge with ASIC notice in the prescribed form (if any):
(i) setting out the terms of the order; and
(ii) outlining the creditors' rights under regulation 5.3B.23; and
(b) 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.