(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.