Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p20
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 20/60)
Character Range: 232793–235780

plan is not accepted in accordance with subregulation 5.3B.25(1); or
 (b) the company's restructuring practitioner cancels the proposal to make the plan in accordance with subregulation (2).
 (2) The restructuring practitioner for a company may cancel the company's proposal to make a restructuring plan if, before the restructuring plan is made, the restructuring practitioner:
 (a) becomes aware that the information in the plan is incomplete or inaccurate, and has reasonable grounds to believe that, if the plan is made, the matter to which the incompleteness or inaccuracy relates is likely to affect the company's ability to meet its obligations under the plan; or
 (b) becomes aware that one or more affected creditors were not disclosed in the company's restructuring proposal statement; or
 (c) becomes aware that the company's restructuring proposal statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or
 (d) becomes aware of a material change in the company's circumstances that:
 (i) was not foreshadowed in the company's restructuring proposal statement; and
 (ii) in the opinion of the restructuring practitioner, is capable of affecting an affected creditor's decision whether or not to accept the restructuring plan.

5.3B.21  Proposing a restructuring plan to creditors
 (1) As soon as practicable after a company executes a restructuring plan, the restructuring practitioner for the company must do the following:
 (a) give to as many of the company's affected creditors as reasonably practicable a copy of:
 (i) the company's restructuring plan; and
 (ii) the restructuring plan standard terms; and
 (iii) the company's restructuring proposal statement; and
 (iv) the declaration prepared by the restructuring practitioner under regulation 5.3B.18;
 (b) ask each affected creditor to:
 (i) give a written statement setting out whether or not the restructuring plan should be accepted; and
 (ii) if the creditor agrees with the company's assessment of the amount of the creditor's admissible debts or claims—verify the creditor's admissible debts or claims as set out in the schedule of debts and claims included with the restructuring proposal statement; and
 (iii) if the creditor disagrees with the company's assessment of the amount of the creditor's admissible debts or claims—notify the restructuring practitioner in accordance with regulation 5.3B.22;
 (c) inform each affected creditor of the person to whom the statement should be given and of the need to give the statement before the end of the acceptance period.
 (2) Paragraphs (1)(b) and (c) do not apply in relation to an excluded creditor.

Definitions
 (3) In this regulation:
acceptance period means:
 (a) the period of 15 business days beginning on the day the company's restructuring practitioner gives documents in accordance with subregulation (1); or
 (b) if creditors are given a notice under paragraph 5.3B.22(7)(d)—the longer