ASIC has released Consultation Paper 344 Remaking ASIC class order on when debentures can be called secured notes (CP 344) proposing to continue its class order relating to how debentures may be described. The class order is due to expire on 1 April 2022.

A new instrument would continue the relief currently given by [CO 12/1482] When debentures can be called secured notes. 

UPDATE:  ASIC Corporations (Describing Debentures—Secured Notes) Instrument 2022/61 applies until 25 March 2025.

CP 344 invites submissions as to:

• whether the class order is currently operating effectively and efficiently;
• whether the conditions of relief should remain unchanged; and
• whether the remade legislative instrument should remain in force for 10 years or for a shorter period of time.

Background

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.