Discharge from simplified debt restructuring programme
72Q.—(1)  Subject to subsections (4), (5) and (6), a company (in simplified debt restructuring) is discharged from the simplified debt restructuring programme at the expiry of 90 days after the day that the notice of acceptance in respect of the company is published under section 72J(b) (called in this section the default period).
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(2)  A company (in simplified debt restructuring) may make an application to the Official Receiver for an extension of the default period in the prescribed form and manner to defer its discharge from the simplified debt restructuring programme.
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(3)  On an application under subsection (2), the Official Receiver may —
(a)extend the default period —
(i)for a period not exceeding 30 days (or any longer period as the Official Receiver may determine) after the expiry of the default period;
(ii)only once; and
(iii)only before the expiry of the default period; or
(b)decline to extend the default period.
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(4)  Subject to subsections (5) and (6), where an extension is granted by the Official Receiver under subsection (3), the company (in simplified debt restructuring) is discharged from the simplified debt restructuring programme at the expiry of the default period and the period of the extension.
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(5)  Where an application is made by a company (in simplified debt restructuring) under section 72M(1) before the company is discharged from the simplified debt restructuring programme, the company is discharged from the same on the day that the application is granted, dismissed or withdrawn.
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(6)  Despite subsections (1) to (5), the Official Receiver may, on —
(a)the Official Receiver’s own motion (whether on the advice of the Restructuring Advisor of the company (in simplified debt restructuring) in question or otherwise); or
(b)an application to the Official Receiver by —
(i)the company (in simplified debt restructuring) in question; or
(ii)a creditor, member or an officer of the company (in simplified debt restructuring) in question,
discharge the company from the simplified debt restructuring programme.
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(7)  The Official Receiver may discharge the company (in simplified debt restructuring) from the simplified debt restructuring programme under subsection (6) if the Official Receiver is satisfied —
(a)on the basis of any information or document that is not known to or in the possession of the Official Receiver at the time of the acceptance of the company into the simplified debt restructuring programme but that is made known to or available to the Official Receiver after the acceptance, that —
(i)the company did not meet all the eligibility criteria mentioned in section 72F(2) at the time of the acceptance; or
(ii)any circumstance mentioned in section 72F(3) existed in relation to the company at the time of the acceptance;
(b)that the company ceases to fulfil all of the eligibility criteria mentioned in section 72F(2);
(c)that any circumstance mentioned in section 72F(3) has arisen after the acceptance of the company into the simplified debt restructuring programme;
(d)that the acceptance of the company into the simplified debt restructuring programme has been obtained on the basis of any false or misleading particulars, information or document submitted by the company to the Official Receiver;
(e)that the company has or its officers have failed to cooperate with the Restructuring Advisor of the company in the formulation of a proposed compromise or arrangement between the company and its creditors or any class of those creditors;
(f)that there is insufficient support from the creditors of the company for the intended compromise or arrangement such that the threshold requirement mentioned in section 72M(3)(d) will not be met; or
(g)that the company is not suitable for the simplified debt restructuring programme for any other reason.
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(8)  The Official Receiver’s decision under subsection (3) or (6) is final.
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(9)  Notice of every discharge under this section must be published by the Official Receiver in the Gazette and on the designated website.
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