Corporations Act 2001
CHAPTER 5
-
EXTERNAL ADMINISTRATION
PART 5.7B
-
RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
Division 7
-
Person managing a corporation while disqualified may become liable for corporation's debts
SECTION 588Z
588Z
COURT MAY MAKE ORDER IMPOSING LIABILITY
Where:
(a) a company is being wound up; and
(b) on or after 23 June 1993 and within 4 years before the relation-back day, a person contravened section 206A by managing the company;
Where:
(a) a company is being wound up; and
(b) on or after 23 June 1993 and within 4 years before the relation-back day, a person contravened section 206A by managing the company;
the Court may, on the application of the company's liquidator, order that the person is personally liable for so much of the company's debts and liabilities as does not exceed an amount specified in the order.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.