Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 2   Deterring corporate misconduct

Corporations Act 2001

12   After section 1348

Insert:

1349 Privilege against exposure to penalty - disqualification etc.

Court or Tribunal proceeding

(1) In the case of:

(a) a civil or criminal proceeding under, or arising out of, this Act or the ASIC Act; or

(b) a proceeding before the Tribunal arising out of this Act or the ASIC Act;

a person is not entitled to refuse or fail to comply with a requirement:

(c) to answer a question or give information; or

(d) to produce a book or any other thing; or

(e) to do any other act whatever;

on the ground that the answer or information, production of the book or other thing, or doing that other act, as the case may be, might tend to make the person liable to a penalty by way of:

(f) a disqualification under Part 2D.6 of this Act; or

(g) a declaration under section 853C of this Act; or

(h) a suspension or cancellation under section 915B of this Act; or

(i) a suspension or cancellation under section 915C of this Act; or

(j) a banning order under section 920A of this Act; or

(k) an order under section 921A of this Act; or

(l) a cancellation or suspension under Division 3 of Part 9.2 of this Act; or

(m) a requirement to give an undertaking under paragraph 1292(9)(b) or (c) of this Act; or

(n) a cancellation or suspension under Division 2 of Part 9.2A of this Act.

(2) Subsection (1) applies whether or not the person is a defendant in, or a party to, the proceeding or any other proceeding.

Statutory requirement

(3) A person is not entitled to refuse or fail to comply with a requirement under this Act or the ASIC Act:

(a) to answer a question or give information; or

(b) to produce a book or any other thing; or

(c) to do any other act whatever;

on the ground that the answer or information, production of the book or other thing, or doing that other act, as the case may be, might tend to make the person liable to a penalty by way of:

(d) a disqualification under Part 2D.6 of this Act; or

(e) a declaration under section 853C of this Act; or

(f) a suspension or cancellation under section 915B of this Act; or

(g) a suspension or cancellation under section 915C of this Act; or

(h) a banning order under section 920A of this Act; or

(i) an order under section 921A of this Act; or

(j) a cancellation or suspension under Division 3 of Part 9.2 of this Act; or

(k) a requirement to give an undertaking under paragraph 1292(9)(b) or (c) of this Act; or

(l) a cancellation or suspension under Division 2 of Part 9.2A of this Act.

Admissibility

(4) Paragraph 597(12A)(d) of this Act, and paragraph 68(3)(b) of the ASIC Act, do not apply to a proceeding for the imposition of a penalty by way of:

(a) a disqualification under Part 2D.6 of this Act; or

(b) a declaration under section 853C of this Act; or

(c) a suspension or cancellation under section 915B of this Act; or

(d) a suspension or cancellation under section 915C of this Act; or

(e) a banning order under section 920A of this Act; or

(f) an order under section 921A of this Act; or

(g) a cancellation or suspension under Division 3 of Part 9.2 of this Act; or

(h) a requirement to give an undertaking under paragraph 1292(9)(b) or (c) of this Act; or

(i) a cancellation or suspension under Division 2 of Part 9.2A of this Act.

Other provisions

(5) Subsections (1) and (3) have effect despite anything in:

(a) section 1317L; or

(b) any other provision of this Act; or

(c) the ASIC Act; or

(d) the Administrative Appeals Tribunal Act 1975.

Definition

(6) In this section:

penalty includes forfeiture.