Clause 8

replace the section heading with —“Notice of objection, etc.”;

replace subsection (1) with —“(1) Upon the lodgment of the notice of a company’s entry into the simplified debt restructuring programme under section 72E, the Restructuring Adviser of the company must —

send to every creditor of the company; and

publish on the designated website,a notice of its entry into the simplified debt restructuring programme.”;

delete subsection (2);

in subsection (3), replace “The notice of application” with “The notice of entry”;

in subsection (3)(a) and (e), delete “applicant”;

in subsection (3)(b), replace “notice of application” wherever it appears with “notice of entry”;

in subsection (3), delete paragraph (c);

in subsection (3)(e), replace “Official Receiver” with “Restructuring Adviser”;

replace subsection (4) with —“(4) Any creditor, member or officer of the company who believes there is reasonable cause why the company should not have entered into the simplified debt restructuring programme by reason of not meeting any of the requirements under section 72F(1), may object by delivering a notice (called in this section a notice of objection) to the Restructuring Adviser, in the form and manner stated in the notice of entry under subsection (1), within 21 days after the date of the notice of entry.”;

replace subsection (6) with —“(6) At the expiry of 21 days after the date of the notice of entry published under subsection (1), if the Restructuring Adviser has received any notice of objection, the Restructuring Adviser must reconsider whether the company meets the requirements under section 72F(1) and if he or she decides that the company does not meet any of those requirements, the company must be discharged from the simplified debt restructuring programme.”; and

delete subsection (7).