Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p24
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 24/60)
Character Range: 243338–245953

A person commits an offence if:
 (a) the person gives, or agrees or offers to give, to an affected creditor any valuable consideration; and
 (b) the person does so with the intention of securing the affected creditor's acceptance or non‑acceptance of the restructuring plan.
Penalty: 50 penalty units.

Definitions
 (5) In this regulation:
acceptance period has the same meaning as in subregulation 5.3B.21(3).

5.3B.26  How a restructuring plan is made
 (1) If a company's proposal to make a restructuring plan is accepted in accordance with regulation 5.3B.25, the company is taken to have made the restructuring plan.
 (2) The restructuring plan is taken to have been made:
 (a) if the plan is expressed to be conditional on the occurrence of a specified event within a specified period and the event occurs within that period—on the day after the end of that period; and
 (b) otherwise—on the day after the end of the acceptance period.
 (3) A restructuring plan that has been made has the same force and validity as if it were a deed executed by each of the parties to the plan.

Definitions
 (4) In this regulation:
acceptance period has the same meaning as in subregulation 5.3B.21(3).

5.3B.27  Standard terms for restructuring plans
 (1) A restructuring plan made by a company is taken to include all of the following terms:
 (a) all admissible debts and claims rank equally;
 (b) if the total amount paid by the company under the plan in respect of those debts or claims is insufficient to meet those debts or claims in full, those debts or claims will be paid proportionately;
 (c) a creditor is not entitled to receive, in respect of an admissible debt or claim, more than the amount of the debt or claim;
 (d) the amount of an admissible debt or claim will be ascertained as at the time immediately before the restructuring began;
 (e) if a creditor is a secured creditor:
 (i) if the creditor does not realise the creditor's security interest while the plan is in force, the creditor is taken, for the purposes of working out the amount payable to the creditor under the plan, to be a creditor only to the extent (if any) by which the amount of the creditor's admissible debt or claim exceeds the value of the creditor's security interest; and
 (ii) if the creditor realises the creditor's security interest while the plan is in force, the creditor is taken, for the purposes of working out the amount payable to the creditor under the plan, to be a creditor only to the extent of any balance due to the creditor after deducting the net amount realised.
 (2) A restructuring plan is void to the extent