Commonwealth Consolidated Regulations

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Consent to transactions or dealings outside the ordinary course of business

             (1)  This regulation applies if the restructuring practitioner for a company under restructuring consents to a transaction or dealing under paragraph 453L(2)(b) of the Act.

             (2)  The consent must be given:

                     (a)  in writing; or

                     (b)  if the restructuring practitioner is satisfied that the delay caused by giving a written consent would not be in the best interests of the company's creditors as a whole--orally.

             (3)  If the consent is given in writing, the written consent must specify any conditions imposed on the consent.

             (4)  If the consent is given orally, the restructuring practitioner must, within 2 business days after the day on which the consent is given:

                     (a)  make a written record of the consent and any conditions imposed on the consent; and

                     (b)  provide a copy of the written record to the company.

             (5)  The restructuring practitioner must keep a record of the consent for 5 years after the day on which the consent is given.

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

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