Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.01

    In this Part, unless the contrary intention appears:

"accepted" , in relation to a proposal to make a restructuring plan, has the meaning given by subregulation   5.3B.25(1).

"admissible debt or claim" , in relation to a company under restructuring or a company's restructuring plan, means a debt or claim that would be admissible to proof against the company under subsection   553(1) of the Act if:

  (a)   the company were wound up; and

  (b)   the relevant date were:

  (i)   if the company is under restructuring--the beginning of the restructuring; and

  (ii)   if the company has made a restructuring plan--the beginning of the restructuring that ended when the plan was made;

but does not include:

  (c)   the entitlements of an employee of the company; or

  (d)   a debt or claim that would be admissible to proof under subsection   553(1A) of the Act.

Note:   Employee entitlements are defined in subsections   596AA(2) and (3) of the Act and include superannuation contributions payable by the company.

"affected creditor" means:

  (a)   in relation to a proposal to vary or terminate a company's restructuring plan--a creditor of the company who is a party (as creditor) to the plan; or

  (b)   in relation to a proposal by a company to make a restructuring plan--a person who would be a party to the restructuring plan if it were made.

"excluded creditor" , in relation to a company under restructuring, means a creditor of the company who:

  (a)   is the restructuring practitioner for the company; or

  (b)   was, at the time the restructuring began, a related creditor of the company; or

  (c)   was, on becoming an affected creditor, a related entity of the restructuring practitioner.

"make" , in relation to a restructuring plan, has the meaning given by regulation   5.3B.26.

"proposal period" , in relation to a company under restructuring, has the meaning given by regulation   5.3B.17.

"propose" , in relation to a restructuring plan, has the meaning given by regulation   5.3B.14.

"related creditor" of a company means a person who is a related entity, and a creditor, of the company.

"restructuring proposal statement" means a statement made by a company under regulation   5.3B.16.