BANKRUPTCY ACT 1966

PART IA - INTERPRETATION  

SECTION 5B   ASSOCIATED ENTITIES: COMPANIES  

5B(1)   [If person associated with company]  

For the purposes of this Act, a company is associated with a person if the person:


(a) is a company officer of the company or otherwise is concerned, or takes part, in the company ' s management; or


(b) is able to control, or to influence materially, the company ' s activities or internal affairs; or


(c) is a member of the company; or


(d) is in a position to cast, or to control the casting of, a vote at a general meeting of the company; or


(e) has power to dispose of, or to exercise control over the disposal of, a share in the company; or


(f) is financially interested in the company ' s success or failure or apparent success or failure; or


(g) is owed a debt by the company; or


(h) is employed, or is engaged under a contract for services, by the company; or


(j) acts as agent for the company in any transaction or dealing; or


(k) gives professional advice to the company.

5B(2)   [Property and trusts]  

For the purposes of this Act, a company is also associated with a person if the company:


(a) holds property jointly with the person; or


(b) is dealing with the person ' s property as an agent for the person; or


(c) is a trustee of a trust under which the person is capable of benefiting; or


(d) acquires or disposes of property as a result of dealing with the person.

5B(3)   [Limitations]  

The circumstances set out in subsections (1) and (2) are the only circumstances in which a company is associated with a person for the purposes of this Act.




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