Section 453B — Corporations Act 2001: Appointing a restructuring practitioner

(1) A company may, by writing, appoint a small business restructuring practitioner for the company if: (a) the eligibility criteria for restructuring are met in relation to the company on the day the appointment is made; and (b) the board has resolved to the effect that: (i) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and (ii) a restructuring practitioner for the company should be appointed. (2) A company must not appoint a restructuring practitioner under subsection (1) if: (aa) the company is, or is a related body corporate of, a body regulated by APRA (within the meaning of the Australian Prudential Regulation Authority Act 1998); or (a) the company is already under restructuring; or (b) the company has made a restructuring plan that has not yet terminated; or (c) the company is under administration; or (d) the company has executed a deed of company arrangement that has not yet terminated; or (e) a person holds an appointment as liquidator, provisional liquidator or administrator of the company.