Appointing a restructuring practitioner
(1) 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. (2) A company must not appoint a restructuring practitioner under subsection (1) if: (aa) the company is, or is a related body corporate of, a body regulated by APRA (within the meaning of the Australian Prudential Regulation Authority Act 1998); or (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.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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