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 4 - Director liable to compensate company  

Subdivision A - Proceedings against director  

SECTION 588N  

588N   AVOIDING DOUBLE RECOVERY  

An amount recovered in proceedings under section 588M in relation to the incurring of a debt, or the disposition of property, by a company is to be taken into account in working out the amount (if any) recoverable in:

(a) any other proceedings under that section in relation to the incurring of the debt or the disposition of the property; and

(b) proceedings under section 596ACA in relation to a contravention of subsection 596AC(1) , (2) , (3) or (4) that is linked to the incurring of the debt or the disposition of the property.