Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (6 of 2020)

Schedule 1   Phoenixing offences and other rules about property transfers to defeat creditors

Part 1   Main amendments of the Corporations Act 2001

Corporations Act 2001

45   Subsection 588H(1)

Repeal the subsection, substitute:

Application

(1) This section has effect for the purposes of:

(a) proceedings for a contravention of subsection 588G(2) relating to the incurring of a debt at a time (the key time ); and

(b) proceedings for a contravention of subsection 588GAB(2) or 588GAC(2) relating to the disposition of a company's property at a time (the key time ); and

(c) proceedings under section 588M relating to the incurring of the debt or the disposition of the property.

Expectations and belief about company's solvency