Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p16
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 16/60)
Character Range: 221868–224960

for company under restructuring

5.3B.07  Authority
  This Subdivision is made for the purposes of subsection 453E(2) of the Act.

5.3B.08  Powers of restructuring practitioner for company under restructuring
  The restructuring practitioner for a company under restructuring has the power to investigate the company's business, property, affairs and financial circumstances for the purposes of:
 (a) preparing a declaration under regulation 5.3B.18; or
 (b) deciding whether to terminate the restructuring of the company; or
 (c) resolving a disagreement under regulation 5.3B.22; or
 (d) performing or exercising any other function, duty or power as restructuring practitioner for the company.

5.3B.09  Replacement restructuring practitioner must fulfil certain past requirements
 (1) This regulation applies in relation to a restructuring practitioner for a company (the replacement practitioner) who is appointed under subsection 456E(1) of the Act.

Replacement practitioner must resolve existing creditor disputes
 (2) If:
 (a) before the appointment, a notice was given under subregulation 5.3B.22(2) to the restructuring practitioner for the company (the former practitioner) setting out a creditor's disagreement with the schedule of debts and claims included with the company's restructuring proposal statement; and
 (b) at the time of the appointment, the former practitioner has not given notice under subregulation 5.3B.22(6) or (7) in relation to the disagreement;
the replacement practitioner must give the notice under subregulation 5.3B.22(6) or (7), as the case requires, as soon as practicable after the appointment.

Replacement practitioner must lodge outstanding notices etc.
 (3) If:
 (a) before the appointment, a restructuring practitioner for the company was required to do a thing under Subdivision B or C of Division 5; and
 (b) at the time of the appointment, the thing has not been done;
the replacement practitioner must do the thing within 2 business days after the day on which the replacement practitioner is appointed.

5.3B.11  Protection from liability
  A person who is or has been the restructuring practitioner for a company under restructuring is not subject to any liability to any person in respect of anything done, or omitted to be done, in good faith and without negligence in the exercise or performance, or the purported exercise or performance, of powers, functions or duties under the Act or these regulations relating to the restructuring of the company.

Subdivision C—Stay on enforcing rights merely because the company is under restructuring etc.

5.3B.12  Prescribed kinds of contracts, agreements or arrangements under which rights are not subject to the stay in section 454N of the Act
  For the purposes of subparagraph 454N(5)(c)(i) of the Act, each of the kinds of contracts, agreements or arrangements referred to in subregulation 5.3A.50(2) is prescribed.

Division 3—Restructuring plan

Subdivision A—Preliminary

5.3B.13  Authority
  Unless otherwise specified, this Division is made under section 455B of the Act.

Subdivision