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

Schedule 2   Deterring corporate misconduct

Corporations Act 2001

2   After subsection 411(6)

Insert:

(6A) If:

(a) the Court has granted its approval to a compromise or arrangement subject to an alteration or condition; and

(b) the body concerned contravenes:

(i) in the case of an alteration - the provision or provisions of the compromise or arrangement to which the alteration relates; or

(ii) in the case of a condition - the condition; and

(c) the Court is satisfied that a person suffered loss or damage as a result of the contravention;

the Court may make such order as it thinks just.

(6B) The Court may make either or both of the following orders under subsection (6A):

(a) an order that the body concerned pay compensation to the person of such amount as the order specifies;

(b) an order directing the body concerned to comply with:

(i) in the case of an alteration - the provision or provisions of the compromise or arrangement to which the alteration relates; or

(ii) in the case of a condition - the condition.

(6C) Subsection (6B) does not limit subsection (6A).