THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

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History

Pt 5.7B inserted by No 210 of 1992, s 111 (effective 23 June 1993).

CCH Note: See s 1383(7).

Division 7 - Person managing a corporation while disqualified may become liable for corporation's debts

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History

Heading substituted by No 156 of 1999, Sch 3, Pt 3 (effective 13 March 2000).

SECTION 588Z   COURT MAY MAKE ORDER IMPOSING LIABILITY  

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588Z    Where:

(a)  a company is being wound up; and

(b)  at or after the commencement of this Part and within 4 years before the relation-back day, a person contravened:

(i) section 206A; or

(ii) a previous law corresponding to a section referred to in subparagraph (i);

by managing the company;

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the Court may, on the application of the company's liquidator, order that the person is personally liable for so much of the company's debts and liabilities as does not exceed an amount specified in the order.

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History

S 588Z amended by No 156 of 1999, Sch 3, Pt 3 (effective 13 March 2000).

S 588Z inserted by No 210 of 1992, s 111 (effective 23 June 1993).

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