Corporations Amendment (Repayment of Directors' Bonuses) Act 2003 (25 of 2003)

Schedule 1  

Corporations Act 2001

6   At the end of section 588FF

Add:

(4) If the transaction is a voidable transaction solely because it is an unreasonable director-related transaction, the court may make orders under subsection (1) only for the purpose of recovering for the benefit of the creditors of the company the difference between:

(a) the total value of the benefits provided by the company under the transaction; and

(b) the value (if any) that it may be expected that a reasonable person in the company's circumstances would have provided having regard to the matters referred to in paragraph 588FDA(1)(c).