Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 2A - Financial market infrastructure banning orders  

Subdivision A - Making financial market infrastructure banning orders  

SECTION 853M  

853M   WHEN AN INDIVIDUAL HAS BEEN A CORE OFFICER OF A CORPORATION UNABLE TO PAY ITS DEBTS  

This section applies to an individual in relation to a corporation if, within the last 7 years:

(a)    the individual was a core officer of the corporation when the corporation was an FMI licensee; and

(b)    the corporation was wound up either:

(i) while the individual was a core officer of the corporation; or

(ii) within the 12 months after the individual ceased to be a core officer of the corporation; and

(c)    a liquidator lodged a report under subsection 533(1) (including that subsection as applied by section 526-35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 ) about the corporation ' s inability to pay its debts.