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 noteWhere, on an application for a civil penalty order against a person in relation to a contravention of subsection 588G(2) , the Court is satisfied that:
(a) the person committed the contravention in relation to the incurring of a debt by a company; and
(b) the debt is wholly or partly unsecured; and
(c) the person to whom the debt is owed has suffered loss or damage in relation to the debt because of the company ' s insolvency;
the Court may (whether or not it makes a pecuniary penalty order under section 1317G or an order under section 206C disqualifying a person from managing corporations) order the first-mentioned person to pay to the company compensation equal to the amount of that loss or damage.
588J(1A)
If, on an application for a civil penalty order against a person for a contravention of subsection 588GAB(2) or 588GAC(2) relating to a disposition of property of a company, the Court is satisfied that:
(a) the person contravened the subsection; and
(b) one or more creditors of the company suffered loss or damage because of the disposition and the company ' s insolvency;
the Court may order the person to pay the company compensation equal to the loss or damage (whether or not the Court makes a pecuniary penalty order under section 1317G or an order under section 206C disqualifying the person from managing corporations).
588J(2)
A company ' s liquidator may intervene in an application for a civil penalty order against a person in relation to a contravention of subsection 588G(2) , 588GAB(2) or 588GAC(2) relating to the company.
588J(3)
A company ' s liquidator who so intervenes is entitled to be heard:
(a) only if the Court is satisfied that the person committed the contravention; and
(b) only on the question whether the Court should order the person to pay compensation to the company.
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