Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision D - Conduct of company during restructuring  

SECTION 453M   ORDER FOR COMPENSATION WHERE DIRECTOR INVOLVED IN VOID TRANSACTION  

453M(1)    
Where:

(a)    a court finds a person guilty of an offence constituted by a contravention of subsection 453L(1) ; and

(b)    the court is satisfied that the company or another person has suffered loss or damage because of the act or omission constituting the offence;

the court may (whether or not it imposes a penalty) order the first-mentioned person to pay compensation to the company or other person, as the case may be, of such amount as the order specifies.

Note: Section 73A defines when a court is taken to find a person guilty of an offence.

453M(2)    
An order under subsection (1) may be enforced as if it were a judgment of the court.

453M(3)    
The power of a court under section 1318 to relieve a person from liability as mentioned in that section extends to relieving a person from liability to be ordered under this section to pay compensation.