Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (6 of 2020)

Schedule 1   Phoenixing offences and other rules about property transfers to defeat creditors

Part 1   Main amendments of the Corporations Act 2001

Corporations Act 2001

67   Paragraph 588S(a)

Repeal the paragraph, substitute:

(a) stating that the creditor intends to begin proceedings under section 588M relating to:

(i) the incurring by the company of a specified debt that is owed to the creditor; or

(ii) a specified disposition by the company of property, because of which (and the company's insolvency) the creditor has suffered loss or damage; and