Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 5A · Simplified Restructuring of Debts
72E. Commencement of simplified debt restructuring programme
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A company may, in accordance with this section, enter into the simplified debt restructuring programme.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
For a company to enter into the simplified debt restructuring programme, the following conditions must be satisfied:
simplified debt restructuring programme
“simplified debt restructuring programme” means the programme established in section 72C;
the company passes a special resolution in general meeting authorising its entry into the simplified debt restructuring programme;
the Restructuring Adviser of the company assesses that the company meets the requirements under section 72F(1), and lodges with the Registrar of Companies and the Official Receiver using the designated website within 7 days after the special resolution specified in paragraph (a) is passed, copies of the special resolution and the notice of its entry into the programme.
The simplified debt restructuring programme for the company is deemed to commence on the date of lodgment with the Registrar of Companies and the Official Receiver of the notice of its entry into the programme or, if the dates of lodgment are different for both of them, whichever is later.
Registrar of Companies
“Registrar of Companies” means the Registrar of Companies appointed under section 8 of the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies;
If a company has, in connection with the company’s entry into the simplified debt restructuring programme, made any statement, or provided any information or document, to the Restructuring Adviser that is false or misleading in a material particular, any officer of the company who —
document
“document” includes any summons, order or other legal process, any notice and any register;
consented or connived, or conspired with others, to effect the making of the statement or provision of the information or document;
is in any other way, whether by act or omission, knowingly concerned in, or is party to, the making of the statement or the provision of the information or document; or
knew or ought reasonably to have known that the statement to be made or being made, or the information or document to be provided or being provided, by the company is false or misleading in a material particular, and failed to take all reasonable steps to prevent or stop the making of the statement or the provision of the information or document,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
For the purposes of subsection (4), an officer of a company is a director or secretary of the company or a person employed in an executive capacity by the company.
officer
“officer”, in relation to a corporation, includes —(a)a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)a liquidator of a company appointed in a voluntary winding up,but does not include —(d)a receiver who is not also a manager;(e)a receiver and manager appointed by the Court;(f)a liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7;