Yes. A plan can be terminated if:
- A creditor obtains a court order.
- If the plan is conditional on a particular event occurring within 10 business days after the plan is made, and the event does not occur within that period (i.e. a condition precedent).
- If there is a breach that goes un-remedied for 30 business days.
- If an administrator, liquidator or provisional liquidator is appointed to the company.
Disclaimer
The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.
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