Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.36

  (1)   If:

  (a)   at a particular time, the restructuring practitioner for a company's restructuring plan makes a declaration of relevant relationships under section   453D of the Act or regulation   5.3B.35; and

  (b)   at a later time:

  (i)   the declaration has become out - of - date; or

  (ii)   the restructuring practitioner becomes aware of an error in the declaration;

the restructuring practitioner must, as soon as practicable, make a replacement declaration of relevant relationships.

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

  (2)   The restructuring practitioner must give a copy of the replacement declaration under subregulation   (1) to as many of the company's creditors as reasonably practicable.

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

  (3)   As soon as practicable after making a replacement declaration under subregulation   (1), the person must lodge a copy of the replacement declaration with ASIC.

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

  (4)   In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this regulation, it is a defence if the defendant proves that:

  (a)   the defendant made reasonable enquiries; and

  (b)   after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.