Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 5.3B.34

Vacancy in office of restructuring practitioner for restructuring plan

             (1)  Where the restructuring practitioner for a company's restructuring plan:

                     (a)  dies; or

                     (b)  becomes prohibited from acting as restructuring practitioner for the plan; or

                     (c)  resigns by notice in writing given to the company;

the appointer may appoint someone else as restructuring practitioner for the restructuring plan.

             (2)  In subregulation (1):

"appointer " , in relation to the restructuring practitioner for a company's restructuring plan, means:

                     (a)  if the restructuring practitioner was appointed by the Court under Division 90 of Schedule 2 to the Act (review of the external administration of a company) or subregulation (4) of this regulation--the Court; or

                     (b)  the company.

             (3)  An appointment under subregulation (1) by the company must be made by resolution of the board.

             (4)  Where a company has made a restructuring plan, but for some reason no restructuring practitioner for the plan is acting, the Court may appoint a person as restructuring practitioner for the plan on the application of ASIC or of an officer, member or creditor of the company.



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