Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p22
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 22/60)
Character Range: 238058–241104

person's status as an excluded creditor—must include detail sufficient to resolve the disagreement.
 (4) The restructuring practitioner may, after receiving the notice, request that the person or the directors of the company:
 (a) give the restructuring practitioner information about the company's business, property, affairs and financial circumstances; and
 (b) verify the information by statutory declaration.

Restructuring practitioner may refuse to consider disagreement
 (5) If the notice is given after the period specified in subparagraph (3)(a)(i) or (ii), the restructuring practitioner may refuse to consider the disagreement if the restructuring practitioner is satisfied that the person did not take all reasonable steps to give notice within that period.
 (6) If the restructuring practitioner refuses to consider the disagreement:
 (a) the restructuring practitioner is taken to have recommended that the schedule of debts and claims not be varied; and
 (b) the restructuring practitioner must give written notice to the company and the person setting out the restructuring practitioner's reasons for the refusal; and
 (c) subregulation (7) does not apply.

Restructuring practitioner must resolve disagreement as soon as practicable
 (7) If:
 (a) a person gives notice under subregulation (2) of a disagreement to the restructuring practitioner for a company; and
 (b) the restructuring practitioner has not refused to consider the disagreement under subregulation (5);
the restructuring practitioner must:
 (c) give written notice to the company and the person:
 (i) setting out the restructuring practitioner's recommendations for resolving the disagreement; and
 (ii) giving reasons for the recommendations; and
 (d) if the restructuring practitioner recommends that the schedule of debts and claims be varied and is of the opinion that the variation is significant—give written notice to the company and as many of the company's creditors as reasonably practicable:
 (i) stating that fact; and
 (ii) outlining the creditors' rights under regulation 5.3B.23.
 (8) If the restructuring practitioner recommends that the schedule of debts and claims be varied, the company must vary the schedule in accordance with the recommendation as soon as practicable.

5.3B.23  Creditors may change vote
 (1) This regulation applies if:
 (a) a company proposes to make a restructuring plan; and
 (b) an affected creditor of the company gave a statement under paragraph 5.3B.21(1)(b) in relation to the plan.
 (2) At any time before the end of the acceptance period, the creditor may:
 (a) withdraw the statement; and
 (b) give a new statement under paragraph 5.3B.21(1)(b) in relation to the plan.
 (3) A statement may be withdrawn, and a new statement may be given, more than once before the end of the acceptance period.

Definitions
 (4) In this regulation:
acceptance period has the same meaning as in subregulation 5.3B.21(3).

5.3B.24  Company under restructuring must do certain things
  This regulation is satisfied in relation to