Document ID: chunk:federal_register_of_legislation:C2020A00130:clause:2_458e:p2
Version: federal_register_of_legislation:C2020A00130
Segment Type: clause
Provision Reference: sch 2 cl 458E (pt 2/2)
Character Range: 122521–124472

of the further declaration is published no later than 2 weeks before the end of the initial relief period.
 (3) A declaration by the directors of a company under this subsection must:
 (a) state that paragraphs (1)(b), (c) and (d) continue to be satisfied in relation to the company; and
 (b) set out:
 (i) the steps that the company has taken to appoint a restructuring practitioner; and
 (ii) the steps that the company intends to take to appoint a restructuring practitioner before the declaration under subparagraph (1)(a)(i) expires, if extended under paragraph (2)(b); and
 (c) be in writing; and
 (d) if there is a prescribed form for the declaration—be in the prescribed form.

Giving ASIC copies of declarations under this section
 (4) If the directors of a company publish notice of a declaration as mentioned in subparagraph (1)(a)(ii) or (2)(b)(iii), they must give ASIC a copy of the declaration no later than 5 business days after doing so.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

When does a company cease to be eligible for temporary restructuring relief?
 (5) A company ceases to be eligible for temporary restructuring relief if:
 (a) the declaration under subparagraph (1)(a)(i) under which the company was eligible for temporary restructuring relief expires; or
 (b) the directors of the company fail to comply with subsection (4); or
 (c) a small business restructuring practitioner for the company is appointed under section 453B; or
 (d) an administrator of the company is appointed under section 436A, 436B or 436C; or
 (e) a liquidator, or provisional liquidator, is appointed to wind up the company; or
 (f) the company publishes notice under subsection 458F(1) or (2) that the company is not, or is not to be treated as, eligible for temporary restructuring relief; or
 (g) the Court orders under section 458G that the company is not eligible for temporary restructuring relief.