Duties of Restructuring Advisor
72L.  The Restructuring Advisor of a company (in simplified debt restructuring) has the following duties during the specified period:
(a)to assist the company to formulate a proposed compromise or arrangement between the company and its creditors or any class of those creditors;
(b)if the Restructuring Advisor 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;
(c)if the Restructuring Advisor is of the view that the proposed compromise or arrangement mentioned in paragraph (a) meets the threshold requirement mentioned in section 72M(3)(d) and the company wishes to make an application to the Court under section 72M(1) for the Court’s approval of the proposed compromise or arrangement — to assist the company in the application, such as by drawing documents setting out the details of the proposed compromise or arrangement and other documents supporting the application, and providing his or her opinion to the company if the company is required to respond to any query posed by the Court concerning any detail or the feasibility of the proposed compromise or arrangement;
(d)if an application is made by the company to the Official Receiver for an extension of the default period under section 72Q(2) — to advise the Official Receiver on whether to grant the application;
(e)if any circumstance under section 72Q(7)(e), (f) or (g) arises —
(i)to inform the Official Receiver as soon as practicable of the circumstance; and
(ii)to advise the Official Receiver on whether and when to discharge the company from the simplified debt restructuring programme as a consequence of the circumstance.
[39/2020]