Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (6 of 2020)

Schedule 1   Phoenixing offences and other rules about property transfers to defeat creditors

Part 1   Main amendments of the Corporations Act 2001

Corporations Act 2001

50   After subsection 588H(3)

Insert:

(3A) Subsections (2) and (3) do not apply for the purposes of proceedings relating to the disposition of the company's property if the key time was less than 12 months before:

(a) the start of an external administration (as defined in Schedule 2) of the company that occurred as a direct or indirect result of the disposition; or

(b) the company ceased to carry on business altogether as a direct or indirect result of the disposition.

Director who did not take part in management