Document ID: chunk:federal_register_of_legislation:C2020A00130:clause:1_453b
Version: federal_register_of_legislation:C2020A00130
Segment Type: clause
Provision Reference: sch 1 cl 453B
Character Range: 4713–5715

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:
 (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.