Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision C - Role of the restructuring practitioner during restructuring  

SECTION 453J   RESTRUCTURING PRACTITIONER MAY TERMINATE RESTRUCTURING  

453J(1)    
The restructuring practitioner for a company under restructuring may, at any time, terminate the restructuring of the company:

(a)    if the restructuring practitioner believes on reasonable grounds that:

(i) the company does not meet the eligibility criteria for restructuring; or

(ii) it would not be in the interests of the creditors to make a restructuring plan; or

(iii) it would be in the interests of the creditors for the restructuring to end; or

(iv) it would be in the interests of the creditors for the company to be wound up; or

(b)    on any other grounds prescribed by the regulations.

453J(2)    
The restructuring practitioner for a company under restructuring terminates the restructuring of the company by giving notice in accordance with this section.

453J(3)    
The notice must:

(a)    be in writing; and

(b)    include all information prescribed by the regulations; and

(c)    be given to:

(i) the company; and

(ii) as many of the company ' s creditors as reasonably practicable.

453J(4)    
The termination takes effect on the day on which notice under this section is given to the company.