Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p38
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 38/60)
Character Range: 278802–281540

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.

5.3B.61  When Court may vary restructuring plan
 (1) A restructuring plan that has been made by a company must not be varied except in accordance with this regulation.
 (2) The Court may make an order varying a restructuring plan:
 (a) on its own initiative; or
 (b) on the application of:
 (i) the company; or
 (ii) an affected creditor; or
 (iii) the restructuring practitioner for the plan; or
 (iv) ASIC.

5.3B.62  When Court may void or validate restructuring plan

Voiding of restructuring plan
 (1) The Court may make an order declaring that all or part of a company's restructuring plan is void if the Court is satisfied that:
 (a) there are reasonable grounds to believe that the plan, or a part of the plan, was not made in accordance with, or does not comply with, the Act or these regulations; or
 (b) the restructuring practitioner for the plan has committed a breach of duty in relation to the plan; or
 (c) the restructuring practitioner for the plan has breached a condition of the restructuring practitioner's registration as a liquidator; or
 (d) the restructuring practitioner for the plan has breached a condition imposed under section 20‑35 of Schedule 2 to the Act, to the extent that the condition relates to restructuring plans.
 (2) The Court may make any other order that it thinks appropriate in relation to the declaration.

Validity of plan despite contravention
 (3) The Court may make an order declaring that all or part