Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p17
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 17/60)
Character Range: 224661–227604

of the Act, each of the kinds of contracts, agreements or arrangements referred to in subregulation 5.3A.50(2) is prescribed.

Division 3—Restructuring plan

Subdivision A—Preliminary

5.3B.13  Authority
  Unless otherwise specified, this Division is made under section 455B of the Act.

Subdivision B—Proposing a restructuring plan

5.3B.14  How a restructuring plan is proposed
 (1) A company under restructuring proposes a restructuring plan if:
 (a) the company prepares:
 (i) a restructuring plan that complies with the requirements in regulation 5.3B.15; and
 (ii) a restructuring proposal statement that complies with the requirements in regulation 5.3B.16; and
 (b) the company executes the restructuring plan during the proposal period; and
 (c) the company's restructuring practitioner prepares and signs a declaration in accordance with regulation 5.3B.18; and
 (d) the restructuring practitioner gives a copy of the restructuring plan, restructuring proposal statement and declaration in accordance with subregulation 5.3B.21(1); and
 (e) immediately before the restructuring practitioner gives the copies in accordance with subregulation 5.3B.21(1), regulation 5.3B.24 is satisfied in relation to the company.
 (2) For the purposes of subsection 455A(3) of the Act, the company is taken to have proposed the restructuring plan on the day the company's restructuring practitioner does the things mentioned in paragraph (1)(d).

5.3B.15  Contents of restructuring plan
 (1) A company under restructuring must prepare a restructuring plan that complies with the requirements of this regulation.
 (2) The restructuring plan must:
 (a) be in the form approved under regulation 5.3B.65 (if any); and
 (b) identify the company's property that is to be dealt with; and
 (c) specify how the property is to be dealt with; and
 (d) provide for the remuneration of the restructuring practitioner for the plan; and
 (e) specify the date on which the restructuring plan was executed.
 (3) The restructuring plan may:
 (a) authorise the restructuring practitioner for the plan to deal with the identified property in the way specified in the plan; and
 (aa) provide that, when performing a function or duty, or exercising a power, as restructuring practitioner for the plan, the restructuring practitioner is taken to act as agent for and on behalf of the company; and
 (b) provide for any matter relating to the company's financial affairs; and
 (c) be expressed to be conditional on the occurrence of a specified event within a specified period of no longer than 10 business days after the day on which the proposal to make the restructuring plan is accepted.
 (4) The restructuring plan must not:
 (a) provide for the transfer of property (other than money) to a creditor; or
 (b) provide for the company to make payments under the plan, in respect of an admissible debt or claim, after 3 years beginning on the day the plan is made.

5.3B.16