(1) A company under restructuring proposes a restructuring plan if:
(a) the company prepares:
(i) a restructuring plan that complies with the requirements in regulation 5.3B.15; and
(ii) a restructuring proposal statement that complies with the requirements in regulation 5.3B.16; and
(b) the company executes the restructuring plan during the proposal period; and
(c) the company's restructuring practitioner prepares and signs a declaration in accordance with regulation 5.3B.18; and
(d) the restructuring practitioner gives a copy of the restructuring plan, restructuring proposal statement and declaration in accordance with subregulation 5.3B.21(1); and
(e) immediately before the restructuring practitioner gives the copies in accordance with subregulation 5.3B.21(1), regulation 5.3B.24 is satisfied in relation to the company.
(2) For the purposes of subsection 455A(3) of the Act, the company is taken to have proposed the restructuring plan on the day the company's restructuring practitioner does the things mentioned in paragraph (1)(d).