Document ID: chunk:federal_register_of_legislation:C2021A00127:clause:2_3:p2
Version: federal_register_of_legislation:C2021A00127
Segment Type: clause
Provision Reference: sch 2 cl 3 (pt 2/2)
Character Range: 17167–18445

of the Corporations Act (as applied by section 522‑1 of this Act) ends on the day on which the special administrator is appointed.

522‑4  Effect of appointment of special administrator—Aboriginal and Torres Strait Islander corporation subject to restructuring plan
 (1) This section applies if:
 (a) an Aboriginal and Torres Strait Islander corporation makes a restructuring plan under Part 5.3B of the Corporations Act (as applied by section 522‑1 of this Act); and
 (b) before the plan terminates, a special administrator for the corporation is appointed under Part 11‑2.
 (2) The Court may order that the restructuring plan is to terminate.
 (3) The order may be made on the application of:
 (a) the Registrar; or
 (b) the special administrator for the corporation; or
 (c) any other interested person.
 (4) The order may be made subject to conditions.

Effect of termination of restructuring plan
 (5) If the Court orders that the restructuring plan is to terminate, any admissible debt or claim that has not been dealt with in accordance with the restructuring plan is taken to be due and payable on the business day after the day on which the termination occurs.
 (6) In this section:
admissible debt or claim has the same meaning as in the Corporations Regulations 2001.