Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p29
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 29/60)
Character Range: 255744–258558

to comply with this subregulation is an offence (see subsection 1311(1) of the Act).
 (4) In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this regulation, it is a defence if the defendant proves that:
 (a) the defendant made reasonable enquiries; and
 (b) after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.

5.3B.37   Functions of restructuring practitioner for restructuring plan
  The functions of the restructuring practitioner for a company's restructuring plan are:
 (a) to receive money from, and hold money on trust for, the company; and
 (b) to pay the money to creditors in accordance with the plan; and
 (c) if requested to do so by the company's directors:
 (i) to realise the property of the company that is available to pay creditors in accordance with the plan; and
 (ii) to distribute the proceeds of the realisation of the property among the creditors in accordance with the plan; and
 (d) to answer questions about the performance or exercise of any of the restructuring practitioner's functions and powers as restructuring practitioner for the plan; and
 (e) to do anything that is incidental to the performance or exercise of those functions and powers; and
 (f) to do anything else that is necessary or convenient for the purpose of administering the plan.

5.3B.38  Replacement restructuring practitioner must lodge outstanding notices etc.
 (1) This regulation applies in relation to a restructuring practitioner for a restructuring plan (the replacement practitioner) who is appointed under subregulation 5.3B.34(1).
 (2) If:
 (a) before the appointment, a restructuring practitioner for the plan was required to do a thing under:
 (i) Division 4; or
 (ii) 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:
 (c) 2 business days after the day on which the replacement practitioner is appointed; or
 (d) if the requirement arose because the restructuring practitioner was given notice or became aware of a thing—within 2 business days after the day on which the replacement practitioner is given the notice or becomes so aware.

5.3B.39  When restructuring practitioner may dispose of encumbered property
 (1) The restructuring practitioner for a company's restructuring plan must not dispose of:
 (a) property of the company that is subject to a security interest; or
 (b) property (other than PPSA retention of title property) that is used or occupied by, or is in the possession of, the company but of which someone else is the owner or lessor.
Note: PPSA retention of title property is subject to a PPSA security interest,