Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p37
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 37/60)
Character Range: 276229–279094

5.3B.31(1)(a):
 (a) the directors of the company must, within 2 business days after the day on which the directors become aware of the happening of the event, give written notice of the termination to the person (the former practitioner) who was the restructuring practitioner for the plan immediately before the termination; and
 (b) the former practitioner must, within 2 business days after the day on which the former practitioner receives the notice:
 (i) lodge with ASIC notice in the prescribed form (if any) of the termination; and
 (ii) give a copy of the notice to as many of the company's creditors as reasonably practicable.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.
 (2) If a company's restructuring plan terminates because of the happening of an event mentioned in paragraph 5.3B.31(1)(b), (c), (d), (e) or (f):
 (a) the directors of the company must, within 2 business days after the day on which the directors become aware of the happening of the event, give written notice of the termination and the reason for the termination to the person (the former practitioner) who was the restructuring practitioner for the plan immediately before the termination; and
 (b) the former practitioner must, within 2 business days after the day on which the former practitioner receives the notice:
 (i) lodge with ASIC notice in the prescribed form (if any) of the termination and the reason for the termination; and
 (ii) give a copy of the notice to as many of the company's creditors as reasonably practicable.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.

5.3B.58  Notice of termination of appointment of restructuring practitioner for restructuring plan
  Within 2 business days after the day on which the appointment of a person as restructuring practitioner for a company's restructuring plan terminates, notice in the prescribed form (if any) of the termination must be lodged with ASIC:
 (a) if the termination is because of the death of the person—by the company; and
 (b) otherwise—by the person.

Division 6—Powers of Court

5.3B.59  Authority
  This Division is made for the purposes of subsection 458B(1) of the Act.

5.3B.60  Court may make orders in relation to creditor disputes before restructuring plan is made
 (1) This regulation applies if:
 (a) a company proposes to make a restructuring plan; and
 (b) a person notifies the company's restructuring practitioner under subregulation 5.3B.22(2) that the person disagrees with the schedule of debts and claims included with the company's restructuring proposal statement; and
 (c) the restructuring practitioner:
 (i) refuses to consider the disagreement under subregulation 5.3B.22(5); or
 (ii) makes, or refuses to make, a recommendation under subregulation 5.3B.22(7) to vary the