Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 453D

             (1)  As soon as practicable after being appointed, a restructuring practitioner for a company must make a declaration of relevant relationships.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (2)  The restructuring practitioner must give a copy of the declaration under subsection (1) to as many of the company's creditors as reasonably practicable.

Note:          F a ilure to comply with this subsection is an offence (see subsection 1311(1)).

             (3)  As soon as practicable after making a declaration under subsection (1), the restructuring practitioner must lodge a copy of the declaration with ASIC.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (4)  If:

                     (a)  at a particular time, the restructuring practitioner makes a declaration of relevant relationships under subsection (1) or this subsection; and

                     (b)  at a later time:

                              (i)  the declaration has become out-of-date; or

                             (ii)  the restructuring practitioner becomes aware of an error in the declaration;

the restructuring practitioner must, as soon as practicable, make a replacement declaration of relevant relationships.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (5)  The restructuring practitioner must give a copy of the replacement declaration under subsection (4) to as many of the company's creditors as reasonably practicable.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (6)  As soon as practicable after making a replacement declaration under subsection (4), the restructuring practitioner must lodge a copy of the replacement declaration with ASIC.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (7)  In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that:

                     (a)  the defendant made reasonable enquiries; and

                     (b)  after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.