Document ID: chunk:federal_register_of_legislation:C2025C00185:section:453b
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 453B
Character Range: 1630611–1631779

453B  Appointing a restructuring practitioner
 (1) A company may, by writing, appoint a small business restructuring practitioner for the company if:
 (a) the eligibility criteria for restructuring are met in relation to the company on the day the appointment is made; and
 (b) the board has resolved to the effect that:
 (i) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
 (ii) a restructuring practitioner for the company should be appointed.
 (2) A company must not appoint a restructuring practitioner under subsection (1) if:
 (aa) the company is, or is a related body corporate of, a body regulated by APRA (within the meaning of the Australian Prudential Regulation Authority Act 1998); or
 (a) the company is already under restructuring; or
 (b) the company has made a restructuring plan that has not yet terminated; or
 (c) the company is under administration; or
 (d) the company has executed a deed of company arrangement that has not yet terminated; or
 (e) a person holds an appointment as liquidator, provisional liquidator or administrator of the company.