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.