Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (130 of 2020)

Schedule 1   Restructuring of a company

Part 2   Consequential amendments

Corporations Act 2001

4   Section 9 (definition of decision period)

Repeal the definition, substitute:

decision period , for a secured party in relation to a security interest in property (including PPSA retention of title property) of a company means:

(a) in relation to a company under administration - the period beginning on the day when:

(i) a notice of appointment of the administrator must be given to the secured party under subsection 450A(3) - such notice is so given; or

(ii) otherwise - the administration begins;

and ending at the end of the thirteenth business day after that day; and

(b) in relation to a company under restructuring - the period beginning on the day when:

(i) a notice of appointment of the restructuring practitioner must be given to the secured party under the regulations - such notice is so given; or

(ii) otherwise - the restructuring begins;

and ending at the end of the thirteenth business day after that day.