Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 5.3B.09

Replacement restructuring practitioner must fulfil certain past requirements

  (1)   This regulation applies in relation to a restructuring practitioner for a company (the replacement practitioner ) who is appointed under subsection   456E(1) of the Act.

Replacement practitioner must resolve existing creditor disputes

  (2)   If:

  (a)   before the appointment, a notice was given under subregulation   5.3B.22(2) to the restructuring practitioner for the company (the former practitioner ) setting out a creditor's disagreement with the schedule of debts and claims included with the company's restructuring proposal statement; and

  (b)   at the time of the appointment, the former practitioner has not given notice under subregulation   5.3B.22(6) or (7) in relation to the disagreement;

the replacement practitioner must give the notice under subregulation   5.3B.22(6) or (7), as the case requires, as soon as practicable after the appointment.

Replacement practitioner must lodge outstanding notices etc.

  (3)   If:

  (a)   before the appointment, a restructuring practitioner for the company was required to do a thing under Subdivision B or C of Division   5; and

  (b)   at the time of the appointment, the thing has not been done;

the replacement practitioner must do the thing within 2 business days after the day on which the replacement practitioner is appointed.


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