Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p39
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 39/60)
Character Range: 281296–283956

the condition relates to restructuring plans.
 (2) The Court may make any other order that it thinks appropriate in relation to the declaration.

Validity of plan despite contravention
 (3) The Court may make an order declaring that all or part of a company's restructuring plan is valid, despite a contravention of a provision of the Act or these regulations, if the Court is satisfied that:
 (a) the provision was substantially complied with; and
 (b) no injustice will result for anyone bound by the plan if the contravention is disregarded.

Applications for orders under this regulation
 (4) The Court may make an order under this regulation on the application of:
 (a) the company; or
 (b) an affected creditor; or
 (c) the company's restructuring practitioner; or
 (d) ASIC.
 (5) However, an application for an order under this regulation must not be made if the plan has terminated because of paragraph 5.3B.31(1)(a).

5.3B.63  When Court may terminate restructuring plan
 (1) The Court may make an order terminating a company's restructuring plan if the Court is satisfied that:
 (a) information about the company's business, property, affairs or financial circumstances that:
 (i) was false or misleading; and
 (ii) can reasonably be expected to have been material to the affected creditors in deciding whether to accept the plan;
  was contained in the plan or the restructuring proposal statement that accompanied the plan; or
 (b) there was an omission from the plan or statement and the omission can reasonably be expected to have been material to such creditors in so deciding; or
 (c) there has been a material contravention of the plan by a person bound by the plan; or
 (d) effect cannot be given to the plan without injustice or undue delay; or
 (e) the plan or a provision of it is, an act or omission done or made under the plan was, or an act or omission proposed to be so done or made would be contrary to the interests of the creditors of the company as a whole; or
 (f) the plan should be terminated for some other reason.
 (2) The Court may make an order under this regulation:
 (a) on its own initiative; or
 (b) on the application of:
 (i) the company; or
 (ii) an affected creditor; or
 (iii) the restructuring practitioner for the company or for the plan; or
 (iv) ASIC.

5.3B.64  Court may limit rights of secured creditor or owner or lessor
 (1) This regulation applies where:
 (a) a company is under restructuring; or
 (b) a company makes a restructuring plan that has not terminated.
 (2) Subject to subsection 454C(3) of the Act, the Court may order a secured creditor of the company not to realise or otherwise deal with the