THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.4B - CIVIL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS

SECTION 1317G   PECUNIARY PENALTY ORDERS  

1317G(1)  [Power to order payment of penalty]  

A Court may order a person to pay the Commonwealth a pecuniary penalty of up to $200,000 if:

(a)  a declaration of contravention by the person has been made under section 1317E; and

(b)  the contravention:

(i) materially prejudices the interests of the corporation or scheme, or its members; or

(ii) materially prejudices the corporation's ability to pay its creditors; or

(iii) is serious.

1317G(2)  [Civil debt]  

The penalty is a civil debt payable to ASIC on the Commonwealth's behalf. ASIC or the Commonwealth may enforce the order as if it were an order made in civil proceedings against the person to recover a debt due by the person. The debt arising from the order is taken to be a judgment debt.