s86Amends section 86 regarding power to compromise with creditors and members, adding references to restructuring officers and clarifying voting requirements for compromises.
Section 0
LG72/S3 —
s0Substitutes the Part heading of PART V to include Company Restructuring.
Section 91
LG72/S3 —
s91Inserts a new division after section 91 regarding company restructuring, including sections 91A through 91J.
Section 94
LG72/S3 —
s94Amends section 94 regarding application for winding up, modifying provisions related to directors presenting winding up petitions.
Section 97
LG72/S3 —
s97Amends section 97 regarding avoidance of attachments and stay of proceedings, excluding criminal proceedings and adding subsection regarding stay of criminal proceedings.
Section 100
LG72/S3 —
s100Amends section 100 regarding commencement of winding up by the Court, adding provisions relating to appointment of a restructuring officer.
Section 104
LG72/S3 —
s104Amends section 104 regarding appointment and powers of provisional liquidator, modifying provisions for company application.
Section 109
LG72/S3 —
s109Amends section 109 regarding remuneration of official liquidators, adding restructuring officers to the heading and including provisions for their remuneration.
Section 110
LG72/S3 —
s110Amends section 110 regarding function and powers of official liquidators, substituting subsection (5) regarding related persons.
Section 116
LG72/S3 —
s116Amends section 116 regarding circumstances in which a company may be wound up voluntarily, substituting subsection (3) relating to commencement of winding up.
Section 134
LG72/S3 —
s134Amends section 134 regarding fraud in anticipation of winding up by adding provisions relating to fraudulent trading when a restructuring officer is appointed.
Section 135
LG72/S3 —
s135Amends section 135 regarding transactions in fraud of creditors by adding provisions relating to transactions at an undervalue when a restructuring officer is appointed.
Section 136
LG72/S3 —
s136Amends section 136 regarding misconduct in course of winding up by adding provisions relating to actions during restructuring officer appointments.
Section 137
LG72/S3 —
s137Amends section 137 regarding material omissions from statement relating to company’s affairs by adding provisions relating to statements prepared for restructuring officer appointments.
Section 145
LG72/S3 —
s145Amends section 145 regarding voidable preference by adding provisions relating to voidable preferences during restructuring officer appointments.
Section 148
LG72/S3 —
s148Amends section 148 regarding supply of utilities by adding a new subsection pertaining to essential supplies during restructuring officer appointments and winding up.
Section 154
LG72/S3 —
s154Amends section 154 regarding Insolvency Rules Committee to include restructuring officer matters.