72L. General provisions as to Restructuring Advisers

The duties of the Restructuring Adviser of a company (in simplified debt restructuring) include the following:

to send to every creditor of the company (whose name and address are provided by the company to the Restructuring Adviser) any notification that must be sent to the creditors under this Part;

to assist the company to formulate a proposed compromise or arrangement between the company and its creditors or any class of those creditors;

if the Restructuring Adviser is of the view that the proposed compromise or arrangement mentioned in paragraph (a) is feasible and merits consideration by the company’s creditors — to assist the company in seeking agreement to the proposed compromise or arrangement from the creditors of the company;

to send to every creditor of the company (whose name and address are provided by the company to the Restructuring Adviser) copies of all documents that are required for obtaining the approval of the creditors of a compromise or an arrangement;

to take such steps to supervise the holding of the meeting of the company and its creditors specified in section 72M as may be prescribed by regulations made under section 72V;

as soon as practicable after the completion by the company of or the discharge of the company from the simplified debt restructuring programme, submit a report to the Official Receiver in such form, and containing such information, as may be prescribed by regulations made under section 72V.