Corporations Act 2001
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 ).
View history note
Hide history noteSafe harbour
588GAAA(1)
Subsection 588G(2) does not apply in relation to a person and a debt incurred by a company if the debt is incurred: (a) in the ordinary course of the company ' s business; and (b) during:
(i) the 6-month period starting on the day this section commences; or
(c) before any appointment during that period of an administrator, restructuring practitioner or liquidator of the company.
(ii) any longer period that starts on the day this section commences and that is prescribed by the regulations for the purposes of this subparagraph; and
588GAAA(2)
A person who wishes to rely on subsection (1) in a proceeding for, or relating to, a contravention of subsection 588G(2) bears an evidential burden in relation to that matter.
When the safe harbour does not apply
588GAAA(3)
Subsection (1) is taken never to have applied in relation to a person and a debt in the circumstances prescribed by the regulations for the purposes of this subsection.
Definitions
588GAAA(4)
In this section:
evidential burden
, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.
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