Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p26
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 26/60)
Character Range: 248088–250670

an owner or lessor is a secured creditor of the company (see section 51F of the Act (meaning of PPSA retention of title property)).

5.3B.30  Protection of company's property from persons bound by restructuring plan
 (1) Until a restructuring plan terminates, this regulation applies to a person bound by the plan.
 (2) A person bound by the plan cannot:
 (a) make an application for an order to wind up the company on the basis of an admissible debt or claim; or
 (b) proceed with such an application made before the plan became binding on the person.
 (3) A person bound by the plan cannot:
 (a) begin or proceed with a proceeding against the company or in relation to any of its property to recover an admissible debt or claim; or
 (b) begin or proceed with an enforcement process in relation to property of the company to recover an admissible debt or claim;
except:
 (c) with the leave of the Court; and
 (d) in accordance with such terms (if any) as the Court imposes.

5.3B.31  When restructuring plan terminates
 (1) A company's restructuring plan terminates:
 (a) on the day on which all of the following conditions are satisfied:
 (i) the company's obligations under the plan have been fulfilled;
 (ii) the obligations of any other party to the plan have been fulfilled;
 (iii) all admissible debts or claims have been dealt with in accordance with the plan; or
 (b) if the Court makes an order under regulation 5.3B.63 terminating the plan—on the day the Court determines and specifies in the order; or
 (c) if both of the following conditions are satisfied:
 (i) the plan is expressed to be subject to the occurrence of a specified event within a specified period of no longer than 10 business days after the day on which the plan is made;
 (ii) the event does not occur within that period;
  on the next business day after the end of that period; or
 (d) if both of the following conditions are satisfied:
 (i) there has been a contravention of the plan by a person bound by the plan;
 (ii) the contravention has not been rectified within the period of 30 business days beginning on the day the contravention occurred;
  on the next business day after the end of that period; or
 (e) on the day on which an administrator of the company is appointed under section 436A, 436B or 436C of the Act; or
 (f) on the day on which a liquidator or provisional liquidator of the company is appointed;
whichever happens first.
 (2) If a company's restructuring plan terminates because of the happening of the event mentioned in paragraph (1)(a):
 (a) the company is entitled to any