Checklist · Insolvency, Restructuring & Bankruptcy
Restructuring proposal period diary
Diary of the proposal and acceptance periods ASIC states for a small business restructuring, after the practitioner is appointed. It does not draft the plan.
- Kind
- Checklist. Steps or checks to work through and tick off.
- Where it applies
- Commonwealth
- AI use
- Yellow You and the tool draft together, with you directing. You check every statement you rely on.
- Law stated as at
- 22 October 2026
- Status
- Maintained. Checked on 22 October 2026 against the authority it cites, for Commonwealth.
- Version
- 1
- Source
- Written for this library
When to use it
Use after a restructuring begins, to track the proposal period, any extension, and the creditors' acceptance period.
Used for these tasks
Each task page says how far AI may help with the task and what the lawyer must review.
How AI may be used
The tool counts business days from the start date the lawyer enters, and the lawyer checks the count and whether an extension is available.
AI may
- Enter the day the restructuring began and list the dates the lawyer calculates.
- Record whether the practitioner has used the one extension ASIC describes.
AI must not
- Do not draft the restructuring plan or the restructuring proposal statement.
- Do not say that a plan has been accepted.
- Do not treat a calendar day as a business day.
The lawyer checks
- ASIC says the proposal period generally lasts 20 business days from the day the restructuring begins, unless ended earlier or extended.
- The practitioner may extend once, by no more than 10 business days, at the company's request. The court may extend on the company's application.
- Acceptance is by a majority in value of affected creditors who return statements, usually within 15 business days. ASIC cites regulation 5.3B.25 for the value calculation. That regulation was not opened.
Method: how the Green, Yellow and Red levels are decided. This is guidance for planning, not legal advice.
Official form
Open the official form. Always use the current version from the issuer.
Read the full text
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- copy it, or download it as a Word file or Markdown;
- add it to your firm’s knowledge base, so colleagues can find it;
- let the AI tools you connect read it from that knowledge base.
The summary, the law it rests on and the AI-use guidance above stay public. Privacy.
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