All registered liquidators are automatically entitled to act and be appointed as a restructuring practitioner. Only registered liquidators can act and be appointed to the new simplified liquidation process.
The restructuring practitioner’s role includes:
helping determine eligibility
supporting the directors to develop its plan and review the company’s financial affairs
certifying the plan for creditors to vote on
managing disbursements if plan is approved.
Directors stay in control of the company’s day-to-day activities, therefore the restructuring practitioner is not personally liable for the company debts/actions.