Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 5.3B.55

                   If a company makes a restructuring plan, the restructuring practitioner for the plan must, within 2 business days after the day on which the plan is made:

                     (a)  give to as many of the company's creditors as reasonably practicable a written notice:

                              (i)  stating that the plan has been made; and

                             (ii)  specifying the day on which the plan was made; and

                     (b)  lodge with ASIC notice in the prescribed form (if any) of the making of the plan, including information about:

                              (i)  the total value of the debts and claims set out in the schedule of debts and claims included with the company's restructuring proposal statement; and

                             (ii)  the number of affected creditors to whom the restructuring practitioner gave a copy of the documents mentioned in paragraph 5.3B.21(1)(a); and

                            (iii)  the proportion in value of affected creditors that gave, before the end of the acceptance period, a statement under paragraph 5.3B.21(1)(b) that the plan should be accepted.

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