Document ID: chunk:federal_register_of_legislation:C2020A00130:clause:1_453c
Version: federal_register_of_legislation:C2020A00130
Segment Type: clause
Provision Reference: sch 1 cl 453C
Character Range: 5715–7042

453C  Eligibility criteria for restructuring
 (1) The eligibility criteria for restructuring are met in relation to a company if, on the day on which a restructuring practitioner for the company is appointed:
 (a) in a case where the regulations prescribe a test for eligibility based on the liabilities of the company—that test is satisfied; and
 (b) no person who:
 (i) is a director of the company; or
 (ii) has been a director of the company within the 12 months immediately preceding that day;
  has been a director of another company that has been under restructuring or been the subject of a simplified liquidation process within a period prescribed by the regulations, unless exempt under regulations made for the purposes of subsection (2); and
 (c) the company has not been under restructuring or been the subject of a simplified liquidation process within a period prescribed by the regulations, unless exempt under regulations made for the purposes of subsection (2).
 (2) The regulations may prescribe:
 (a) tests for eligibility based on the liabilities of companies for the purposes of paragraph (1)(a); and
 (b) circumstances in which the directors of companies are exempt from the requirement in paragraph (1)(b); and
 (c) circumstances in which companies are exempt from the requirement in paragraph (1)(c).