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
50 After subsection 588H(3)
Insert:
(3A) Subsections (2) and (3) do not apply for the purposes of proceedings relating to the disposition of the company's property if the key time was less than 12 months before:
(a) the start of an external administration (as defined in Schedule 2) of the company that occurred as a direct or indirect result of the disposition; or
(b) the company ceased to carry on business altogether as a direct or indirect result of the disposition.
Director who did not take part in management
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