Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p40
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 40/60)
Character Range: 283723–286468

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 security interest, except as permitted by the order.
 (3) The Court may only make an order under subregulation (2) if satisfied that:
 (a) for the creditor to realise or otherwise deal with the security interest would have a material adverse effect on achieving the purposes of the plan; and
 (b) having regard to:
 (i) the terms of the plan; and
 (ii) the terms of the order; and
 (iii) any other relevant matter;
  the creditor's interests will be adequately protected.
 (4) The Court may order the owner or lessor of property that is used or occupied by, or is in the possession of, the company not to take possession of the property or otherwise recover it.
 (5) Subregulation (4) does not apply in relation to PPSA retention of title property of the company.
 (6) The Court may only make an order under subregulation (4) if satisfied that:
 (a) for the owner or lessor to take possession of the property or otherwise recover it would have a material adverse effect on achieving the purposes of the plan; and
 (b) having regard to:
 (i) the terms of the plan; and
 (ii) the terms of the order; and
 (iii) any other relevant matter;
  the interests of the owner or lessor will be adequately protected.
 (7) An order under this regulation may be made subject to conditions.
 (8) An order under this regulation may only be made on the application of:
 (a) if paragraph (1)(a) applies—the restructuring practitioner for the company; or
 (b) if paragraph (1)(b) applies—the restructuring practitioner for the plan.

Division 7—Other matters

5.3B.65  Approved forms
  ASIC may, in writing, approve a form for the purposes of a provision of this Part.

Part 5.4—Winding up in insolvency

5.4.01AAA  Meaning of statutory minimum and statutory period—prescribed amounts
 (1) For the purposes of paragraph (a) of the definition of statutory minimum in section 9 of the Act, the amount prescribed is:
 (a) in relation to a company that is eligible for temporary restructuring relief—$20,000; and
 (b) otherwise—$4,000.
 (2) For the purposes of paragraph (a) of the definition of statutory period in section 9 of the Act, the period prescribed is:
 (a) in relation to a company that is eligible for temporary restructuring relief—6 months; and
 (b) otherwise—21 days.
 (3) Paragraphs (1)(a) and (2)(a) do not apply in relation to statutory demands served on or after 1 August 2021.

5.4.01  Application to Court for winding up—prescribed agency
  The Australian Prudential Regulation Authority is a prescribed agency