Corporations Act 2001
The eligibility criteria for restructuring are met in relation to a company if, on the day on which a restructuring practitioner for the company is appointed: (a) in a case where the regulations prescribe a test for eligibility based on the liabilities of the company - that test is satisfied; and (b) no person who:
(i) is a director of the company; or
(ii) has been a director of the company within the 12 months immediately preceding that day;
has been a director of another company that has been under restructuring or been the subject of a simplified liquidation process within a period prescribed by the regulations, unless exempt under regulations made for the purposes of subsection (2) ; and(c) the company has not been under restructuring or been the subject of a simplified liquidation process within a period prescribed by the regulations, unless exempt under regulations made for the purposes of subsection (2) . 453C(2)
The regulations may prescribe: (a) tests for eligibility based on the liabilities of companies for the purposes of paragraph (1)(a) ; and (b) circumstances in which the directors of companies are exempt from the requirement in paragraph (1)(b) ; and (c) circumstances in which companies are exempt from the requirement in paragraph (1)(c) .
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