Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p33
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 33/60)
Character Range: 265868–268720

Division is made for the purposes of subsection 456G(1) of the Act.

5.3B.47  Company must notify restructuring practitioner of certain matters
 (1) The directors of a company that has made a restructuring plan that has not terminated must, within 2 business days after the day on which the directors become aware of the happening of an event mentioned in subregulation (4), give written notice of the event to the restructuring practitioner for the plan.
 (2) The restructuring practitioner must, within 2 business days after the day on which the restructuring practitioner receives the notice:
 (a) lodge with ASIC notice in the prescribed form (if any) of the happening of the event; and
 (b) give a copy of the notice to as many of the company's creditors as reasonably practicable.
 (3) If:
 (a) a restructuring practitioner for the plan (the replacement practitioner) is appointed under subregulation 5.3B.34(1); and
 (b) at the time of the appointment, notice of the happening of the event has not been lodged or given in accordance with subregulation (2);
the directors must give written notice of the event to the replacement practitioner within 2 business days after the day on which the replacement practitioner is appointed.
 (4) The events that must be notified are as follows:
 (a) an administrator of the company is appointed under section 436A, 436B or 436C of the Act;
 (b) a liquidator or provisional liquidator of the company is appointed.

Division 5—Information, reports, documents etc.

Subdivision A—Preliminary

5.3B.48  Authority
  This Division is made for the purposes of section 457A of the Act.

Subdivision B—Information, reports, documents etc. during restructuring

5.3B.49  Declaration by directors—eligibility to be under restructuring and other matters
 (1) Within 5 business days after the day on which the restructuring of a company begins or such longer period as the company's restructuring practitioner allows, the directors of the company must give to the restructuring practitioner a declaration in accordance with this regulation.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.
 (2) The declaration must:
 (a) be in the form approved under regulation 5.3B.65 (if any); and
 (b) state whether, in the directors' opinion, there are reasonable grounds to believe that the company has entered into a transaction that would be voidable under section 588FE of the Act if:
 (i) the company were being wound up because the company had resolved by special resolution that it be wound up voluntarily; and
 (ii) the resolution had been passed on the day on which the declaration is given; and
 (iii) the company were under restructuring immediately before the company passed the resolution; and
 (iv) the relation‑back day were the day on which the restructuring of the