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CORPORATIONS ACT 2001 - SECT 456E

Vacancy in office of restructuring practitioner for company

             (1)  Where the restructuring practitioner for a company:

                     (a)  dies; or

                     (b)  becomes prohibited from acting as restructuring practitioner for the company; or

                     (c)  resigns by notice in writing given to the company;

the appointer may appoint someone else as restructuring practitioner for the company.

             (2)  In subsection (1):

"appointer" , in relation to the restructuring practitioner for a company, means:

                     (a)  if the restructuring practitioner was appointed by the Court under Division 90 of Schedule 2 (review of the external administration of a company) or subsection (4) of this section--the Court; or

                     (b)  the company.

             (3)  An appointment under subsection (1) by the company must be made by resolution of the board.

             (4)  Where a company is under restructuring, but for some reason no restructuring practitioner is acting, the Court may appoint a person as restructuring practitioner on the application of ASIC or of an officer, member or creditor of the company.



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