Declarations by replacement restructuring practitioner—relevant relationships
Scope (1) This section applies to a restructuring practitioner appointed under subsection 456E(1) otherwise than by the Court. Declaration of relationships (2) As soon as practicable after being appointed, the restructuring practitioner must make a declaration of relevant relationships. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). Notification of creditors (3) The restructuring practitioner must: (a) give a copy of the declaration under subsection (2) to as many of the company’s creditors as reasonably practicable; and (b) do so at the same time as notice of the appointment is given under section 457A. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (4) As soon as practicable after making a declaration under subsection (2), the restructuring practitioner must lodge a copy of the declaration with ASIC. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). Updating of declaration (5) If: (a) at a particular time, the restructuring practitioner makes a declaration of relevant relationships under subsection (2) or this subsection; and (b) at a later time: (i) the declaration has become out‑of‑date; or (ii) the restructuring practitioner becomes aware of an error in the declaration; the restructuring practitioner must, as soon as practicable, make a replacement declaration of relevant relationships. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (6) As soon as practicable after making a replacement declaration under subsection (5), the restructuring practitioner must lodge a copy of the replacement declaration with ASIC. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). Defence (7) In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that: (a) the defendant made reasonable enquiries; and (b) after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.
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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