THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 9 - MISCELLANEOUS
PART 9.5 - POWERS OF COURTS
SECTION 1324 INJUNCTIONS 1324(1) [Court may grant injunction restraining] Where a person has engaged, is engaging or is proposing to engage in conduct that constituted, constitutes or would constitute: (a) a contravention of this Law; (b) attempting to contravene this Law; (c) aiding, abetting, counselling or procuring a person to contravene this Law; (d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene this Law; (e) being in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by a person of this Law; or (f) conspiring with others to contravene this Law; the Court may, on the application of the Commission, or of a person whose interests have been, are or would be affected by the conduct, grant an injunction, on such terms as the Court thinks appropriate, restraining the first-mentioned person from engaging in the conduct and, if in the opinion of the Court it is desirable to do so, requiring that person to do any act or thing. 1324(1A) [Insolvency of company] For the purposes of subsection (1): (a) a contravention of this Law affects the interests of a creditor or member of a company if the insolvency of the company is an element of the contravention; and (b) a company's contravention of:(ia) paragraph 256B(1)(b) (share capital reduction not to prejudice ability to pay creditors); or
(i) paragraph 257A(1)(a) (share buy-back not to prejudice ability to pay creditors); or
(ii) paragraph 260A(1)(a) (financial assistance for share acquisition not to prejudice company or shareholders or ability to pay creditors);affects the interests of a creditor or member of the company; and (c) a company's contravention of paragraph 256B(1)(a) (fair and reasonable test for share capital reduction) affects the interests of a member of the company. This subsection does not limit subsection (1) in any way.
(i) the company making a reduction of its share capital to which Division 1 of Part 2J.1 applies; or
(ii) the company buying back its shares; or
(iii) the company giving financial assistance to which Part 2J.3 applies;the Court must assume that the conduct constitutes, or would constitute, a contravention of that paragraph, section or provision unless the company or person proves otherwise.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.