Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p27
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 27/60)
Character Range: 250414–253308

on which a liquidator or provisional liquidator of the company is appointed;
whichever happens first.
 (2) If a company's restructuring plan terminates because of the happening of the event mentioned in paragraph (1)(a):
 (a) the company is entitled to any property that was subject to the plan but that was not required by the plan to be distributed to creditors; and
 (b) the company is released from all admissible debts or claims.
 (3) If a company's restructuring plan terminates because of the happening of an event mentioned in paragraph (1)(b), (c), (d), (e) or (f), any admissible debt or claim that has not been dealt with in accordance with the plan is taken to be due and payable on the business day after the day on which the termination occurs.

5.3B.32  Effect of termination or avoidance
  The termination or avoidance, in whole or in part, of a restructuring plan does not affect the validity of anything that was done in good faith under the plan by a person before the person had notice of the termination or avoidance.

Subdivision D—Restructuring practitioner for a restructuring plan

5.3B.33  Appointment of restructuring practitioner for restructuring plan
  If a company under restructuring makes a restructuring plan, the company's restructuring practitioner is to be the restructuring practitioner for the restructuring plan unless the company, by resolution of the board, appoints someone else to be the restructuring practitioner for the plan.

5.3B.34  Vacancy in office of restructuring practitioner for restructuring plan
 (1) Where the restructuring practitioner for a company's restructuring plan:
 (a) dies; or
 (b) becomes prohibited from acting as restructuring practitioner for the plan; or
 (c) resigns by notice in writing given to the company;
the appointer may appoint someone else as restructuring practitioner for the restructuring plan.
 (2) In subregulation (1):
appointer, in relation to the restructuring practitioner for a company's restructuring plan, means:
 (a) if the restructuring practitioner was appointed by the Court under Division 90 of Schedule 2 to the Act (review of the external administration of a company) or subregulation (4) of this regulation—the Court; or
 (b) the company.
 (3) An appointment under subregulation (1) by the company must be made by resolution of the board.
 (4) Where a company has made a restructuring plan, but for some reason no restructuring practitioner for the plan is acting, the Court may appoint a person as restructuring practitioner for the plan on the application of ASIC or of an officer, member or creditor of the company.

5.3B.35  Declaration by new and replacement restructuring practitioners—relevant relationships
 (1) This regulation applies in relation to a person if:
 (a) the person is the restructuring practitioner for a company's restructuring plan; and
 (b) either:
 (i) the person