Section 25: Report to be submitted by restructuring manager

1) The restructuring manager shall, within the period of restructuring, submit to the Court a report accompanied by the transactions, assets, and financial situation of the company and its restructuring program, if any are proposed.

2) The report referred to in sub-section (1) shall, where a restructuring program is proposed, state the following matters in relation to such program.

(a) summary and analysis of the proposed program;

(b) Details of effects likely to be caused to the creditors of the company from the implementation of the proposed program;

(c) A comparison between the consideration and effects that would have been available to the creditors if the company had been liquidated immediately and the consideration effects that may be available to the creditors on the implementation of the restructuring program; and

(d) Opinion and description, accompanied by the finding of the restructuring manager that the company would not be insolvent if the restructuring program were implemented.

3) There shall be no formal form and structure of a restructuring program prepared pursuant to sub-section (1) except the set forth below:

(a) All details of the program to be implemented by the company in the future and written details of the relevant proposal;

(b) Details of the matter that the creditors of the company will get more benefits if the company is not liquidated immediately but restructured and if the program is implemented;

(c) Details of the matter that no portion of the proposed program is illegal or prohibited by the laws in force;

(d) Details that if the program is implemented, the company will be rescued from insolvency or will not become insolvent.

4) The program prepared pursuant to this Section shall also contain details of payment of expenses incurred during the inquiry period of insolvency proceedings or the restructuring period and of the remuneration of the inquiry officer or the restructuring manager.