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 noteIf:
(a) a court finds a person guilty of an offence under subsection 588G(3) in relation to the incurring of a debt by a company; and
(b) the court is satisfied that:
(i) the debt is wholly or partly unsecured; and
(ii) 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 imposes a penalty) order the first-mentioned person to pay to the company compensation equal to the amount of that loss or damage.
Note: Section 73A defines when a court is taken to find a person guilty of an offence.
588K(2)
If:
(a) a court finds a person guilty of an offence based on subsection 588GAB(1) or 588GAC(1) relating to disposition of property by a company; and
(b) the court is satisfied that 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 imposes a penalty for the offence).
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