Document ID: chunk:federal_register_of_legislation:C2020A00130:clause:1_453j
Version: federal_register_of_legislation:C2020A00130
Segment Type: clause
Provision Reference: sch 1 cl 453J
Character Range: 11849–13058

453J  Restructuring practitioner may terminate restructuring
 (1) The restructuring practitioner for a company under restructuring may, at any time, terminate the restructuring of the company:
 (a) if the restructuring practitioner believes on reasonable grounds that:
 (i) the company does not meet the eligibility criteria for restructuring; or
 (ii) it would not be in the interests of the creditors to make a restructuring plan; or
 (iii) it would be in the interests of the creditors for the restructuring to end; or
 (iv) it would be in the interests of the creditors for the company to be wound up; or
 (b) on any other grounds prescribed by the regulations.
 (2) The restructuring practitioner for a company under restructuring terminates the restructuring of the company by giving notice in accordance with this section.
 (3) The notice must:
 (a) be in writing; and
 (b) include all information prescribed by the regulations; and
 (c) be given to:
 (i) the company; and
 (ii) as many of the company's creditors as reasonably practicable.
 (4) The termination takes effect on the day on which notice under this section is given to the company.

Subdivision D—Conduct of company during restructuring