Clause 7

in the section heading, replace “acceptance” with “entry”;

in subsection (1), replace “The Official Receiver may, on the application of a company (called in this Division the applicant company) under section 72E, accept the applicant company into the simplified debt restructuring programme if, and only if, both the following requirements are met” with “A company may enter into the simplified debt restructuring programme under section 72E only if both of the following requirements are met”;

in subsections (1)(a) and (b), (2)(d) and (3)(a) to (f), delete “applicant”;

in subsection (1)(b), replace “Official Receiver” with “Restructuring Adviser”;

in subsection (1)(b), replace “acceptance” with “entry”;

in subsection (2), delete paragraphs (a), (b) and (c);

in subsection (2)(d), after “including contingent and prospective liabilities”, insert “, and any liabilities to any related party of the company”;

in subsection (2), after paragraph (d), insert —“(da)within the period of 60 months immediately before the proposed date of lodgment of the notice of its entry into the simplified debt restructuring programme under section 72E, the company has not —

previously entered the programme under this Part, or been accepted into the programme under this Part as in force immediately before the date of commencement of section 7 of the Insolvency, Restructuring and Dissolution (Amendment) Act 2024; and

failed to have the debt restructuring proposal approved by its creditors or the compromise or arrangement approved by the court, as the case may be;”;

in subsection (3), replace “an applicant company unsuitable for acceptance” with “a company unsuitable for entry”;

in subsection (3), replace paragraph (g) with —“(g)the company has passed a special resolution authorising entry into the simplified winding up programme under section 250D;”;

in subsection (3), replace paragraph (h) with —“(h)the company (with the assistance of a Restructuring Adviser) is unlikely to be able to formulate a proposed compromise or arrangement with its creditors, or obtain the agreement of two‑thirds majority in value of its creditors to the proposed compromise or arrangement, within the moratorium period after the company’s entry into the simplified debt restructuring programme;”;

in subsection (3), delete paragraphs (i), (j) and (k);

replace subsection (4) with —“(4) Any order made under subsection (2)(d) or (e) or (3)(l) must be presented to Parliament as soon as possible after publication in the Gazette.”; and

delete subsection (5).