Section 453J — Corporations Act 2001: Restructuring practitioner may terminate restructuring

(1) The restructuring practitioner for a company under restructuring may, at any time, terminate the restructuring of the company: (a) if the restructuring practitioner believes on reasonable grounds that: (i) the company does not meet the eligibility criteria for restructuring; or (ii) it would not be in the interests of the creditors to make a restructuring plan; or (iii) it would be in the interests of the creditors for the restructuring to end; or (iv) it would be in the interests of the creditors for the company to be wound up; or (b) on any other grounds prescribed by the regulations. (2) The restructuring practitioner for a company under restructuring terminates the restructuring of the company by giving notice in accordance with this section. (3) The notice must: (a) be in writing; and (b) include all information prescribed by the regulations; and (c) be given to: (i) the company; and (ii) as many of the company’s creditors as reasonably practicable. (4) The termination takes effect on the day on which notice under this section is given to the company.