Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p18
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 18/60)
Character Range: 227389–230275

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  Restructuring proposal statement
 (1) A restructuring plan must be accompanied by a restructuring proposal statement.
 (2) The restructuring proposal statement must:
 (a) include a schedule of debts and claims; and
 (b) be in the form approved under regulation 5.3B.65 (if any); and
 (c) contain such information as the form requires.

5.3B.17  Meaning of proposal period
 (1) The proposal period, in relation to a company that is under restructuring, is the period of 20 business days beginning on the day the restructuring begins.

Restructuring practitioner may extend proposal period
 (2) The company's restructuring practitioner may, on application by the company, extend the proposal period by no more than 10 business days if the restructuring practitioner is satisfied on reasonable grounds that requiring the company to give a restructuring plan within the proposal period would not be reasonable in the circumstances.
 (3) The restructuring practitioner may not extend the proposal period more than once under subregulation (2).

Court may extend proposal period
 (4) The Court may, on application by the company, order an extension of the proposal period.

Notification of extension
 (5) Within 2 business days after the day on which the proposal period is extended under subregulation (2) or (4), the restructuring practitioner must:
 (a) lodge with ASIC notice of the extension:
 (i) in the prescribed form (if any); and
 (ii) in accordance with subregulation 5.6.75(4); and
 (b) give a copy of the notice to as many of the company's creditors as reasonably practicable.

5.3B.18  Restructuring practitioner must make declaration in relation to restructuring plan
 (1) As soon as practicable after a company executes a restructuring plan, the company's restructuring practitioner must make a declaration in accordance with this regulation.
 (2) The declaration must:
 (a) if the restructuring practitioner believes on reasonable grounds that:
 (i) the eligibility criteria for restructuring are met in relation to the company; and
 (ii) if the restructuring plan is made, the company is likely to be able to discharge the obligations created by the plan as and when they become due and payable;
  state that; and
 (b) if the restructuring practitioner believes on reasonable grounds that all information required to be set out in the company's restructuring proposal statement has been set out in that statement—state that; and
 (c) if the restructuring practitioner does not believe on reasonable grounds a matter mentioned in paragraph (a) or (b)—identify the matter in relation to which a belief on reasonable grounds could not be formed and set out the