Document ID: chunk:federal_register_of_legislation:C2025C00185:section:458f
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 458F
Character Range: 1708132–1709691

458F  Directors declare company not eligible for temporary restructuring relief
 (1) The directors of a company contravene this subsection if:
 (a) there are not reasonable grounds to believe either or both of the following:
 (i) that the company is insolvent, or is likely to become insolvent before the declaration under subparagraph 458E(1)(a)(i) expires;
 (ii) that the eligibility criteria for restructuring would be met in relation to the company if a restructuring practitioner were appointed on the day on which notice of the declaration under subparagraph 458E(1)(a)(i) is published, or on any day afterwards on which the declaration has not expired; and
 (b) one or more of the directors becomes aware of that fact; and
 (c) the directors do not, within 5 business days after one or more of the directors becoming aware of that fact:
 (i) make a declaration in writing that the company is not eligible for temporary restructuring relief; and
 (ii) publish notice of the declaration in the prescribed manner; and
 (iii) give ASIC a copy of the declaration.
Note: This subsection is a civil penalty provision (see section 1317E).
 (2) The directors of a company may:
 (a) make a declaration in writing that the company is not to be treated as eligible for temporary restructuring relief for any other reason; and
 (b) publish notice of the declaration in the prescribed manner.
 (3) If the directors of a company make a declaration under paragraph (2)(a), the directors must give ASIC a copy of the declaration within 5 business days after doing so.