Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p25
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 25/60)
Character Range: 245739–248335

out the amount payable to the creditor under the plan, to be a creditor only to the extent of any balance due to the creditor after deducting the net amount realised.
 (2) A restructuring plan is void to the extent that it is inconsistent with any of the matters set out in subregulation (1).

5.3B.28  Parties to restructuring plan
  The parties to a restructuring plan are:
 (a) the company to which the plan relates; and
 (b) any person who has an admissible debt or claim in relation to the plan.

5.3B.29  Effect of restructuring plan
 (1) This regulation applies on and after the day on which a restructuring plan is made in relation to a company.
 (2) The plan is binding on:
 (a) subject to subregulations (3) and (4)—a creditor of the company to the extent that the creditor has an admissible debt or claim in relation to the plan; and
 (b) the company; and
 (c) the company's officers and members; and
 (d) the restructuring practitioner for the plan.
 (3) If a creditor of the company is a secured creditor, the plan is binding on the creditor:
 (a) if the value of the creditor's security interest is less than the value of the creditor's admissible debts or claims—only to the extent of the difference between the values; and
 (b) if the value of the creditor's security interest is equal to or more than the value of the creditor's admissible debts or claims—only to the extent that the creditor consents to be bound by the plan.
 (4) The fact that a restructuring plan has been made does not prevent a secured creditor from realising or otherwise dealing with the security interest, unless:
 (a) the secured creditor accepted the proposal to make the plan and the plan prevents the secured creditor from doing so; or
 (b) the Court so orders under subregulation 5.3B.64(2).
 (5) The fact that a restructuring plan has been made does not affect a right that an owner or lessor of property has in relation to that property, unless:
 (a) the owner or lessor accepted the proposal to make the plan and the plan affects that right; or
 (b) the Court so orders under subregulation 5.3B.64(4).
 (6) Subregulation (5) does not apply in relation to an owner or lessor of PPSA retention of title property of the company.
Note: Subregulation (3) applies in relation to an owner or lessor of PPSA retention of title property of the company. Such an owner or lessor is a secured creditor of the company (see section 51F of the Act (meaning of PPSA retention of title property)).

5.3B.30  Protection of company's property from persons bound by restructuring plan
 (1) Until a restructuring plan