Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 3 of Part 8B.6 (for provisions relating to Division 2B ), Division 5 of Part 8B.6 (for provisions relating to Divisions 2 and 2A ) and Division 6 of Part 8B.6 (for provisions relating to Divisions 3 , 4 , 5 and 6 ).

Division 3 - Duties to prevent insolvent trading and creditor-defeating dispositions  

Subdivision C - Safe harbour from breach of duties  

SECTION 588HA   REVIEW RELATING TO SAFE HARBOUR  

588HA(1)    
The Minister must cause an independent review of the following matters to be undertaken as soon as practicable after the last day of the 2 year period commencing on the commencement of this section:

(a) the impact of the availability of the safe harbour described in subsection 588GA(1) to directors of companies on:

(i) the conduct of directors; and

(ii) the interests of creditors and employees of those companies;

(b) any other matters the Minister considers relevant.

588HA(2)    
The review must be undertaken by 3 persons who, in the Minister ' s opinion, possess appropriate qualifications to undertake the review.

588HA(3)    
The persons who undertake the review must give the Minister a written report of the review.

588HA(4)    
The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the report is given to the Minister.

588HA(5)    
The report is not a legislative instrument.