(1) The proposal period, in relation to a company that is under restructuring, is the period of 20 business days beginning on the day the restructuring begins.
Restructuring practitioner may extend proposal period
(2) The company’s restructuring practitioner may, on application by the company, extend the proposal period by no more than 10 business days if the restructuring practitioner is satisfied on reasonable grounds that requiring the company to give a restructuring plan within the proposal period would not be reasonable in the circumstances.
(3) The restructuring practitioner may not extend the proposal period more than once under subregulation (2).
Court may extend proposal period
(4) The Court may, on application by the company, order an extension of the proposal period.
Notification of extension
(5) Within 2 business days after the day on which the proposal period is extended under subregulation (2) or (4), the restructuring practitioner must:
(a) lodge with ASIC notice of the extension:
(i) in the prescribed form (if any); and
(ii) in accordance with subregulation 5.6.75(4); and
(b) give a copy of the notice to as many of the company’s creditors as reasonably practicable.