Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 3 of Part 8B.6 (for provisions relating to Division 2B ), Division 5 of Part 8B.6 (for provisions relating to Divisions 2 and 2A ) and Division 6 of Part 8B.6 (for provisions relating to Divisions 3 , 4 , 5 and 6 ).

Division 2 - Voidable transactions  

Subdivision D - ASIC orders about certain voidable transactions  

SECTION 588FGAE   COURT MAY SET ASIDE ORDER BY ASIC  

588FGAE(1)    
The person subject to an order under subsection 588FGAA(3) or any other person interested in such an order may apply to a Court within the period described in subsection (2) to have the order set aside.

588FGAE(2)    
The period is 60 days after the day the applicant was given the order or otherwise became aware of it.

588FGAE(3)    
The Court may set the order aside if satisfied, on the basis of the written reasons for the order, that section 588FGAA did not apply.

588FGAE(4)    
If the order is set aside, it is taken never to have been made.