Corporations Act 2001
Pt 5.3B inserted by No 130 of 2020, s 3, Sch 1 (effective 1 January 2021).
Div 2 inserted by No 130 of 2020, s 3, Sch 1 (effective 1 January 2021).
Subdiv B inserted by No 130 of 2020, s 3, Sch 1 (effective 1 January 2021).
A company may, by writing, appoint a small business restructuring practitioner for the company if: (a) the eligibility criteria for restructuring are met in relation to the company on the day the appointment is made; and (b) the board has resolved to the effect that:
(i) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
(ii) a restructuring practitioner for the company should be appointed.
A company must not appoint a restructuring practitioner under subsection (1) if: (a) the company is already under restructuring; or (b) the company has made a restructuring plan that has not yet terminated; or (c) the company is under administration; or (d) the company has executed a deed of company arrangement that has not yet terminated; or (e) a person holds an appointment as liquidator, provisional liquidator or administrator of the company.
S 453B inserted by No 130 of 2020, s 3, Sch 1 (effective 1 January 2021).
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