Corporations Act 2001
[ CCH Note: Pt 5.7B will be amended by No 8 of 2022, s 3, Sch 2, by inserting the note, (effective 1 July 2022). The note will read:
Subsection 588G(2) does not apply in relation to a person and a debt incurred by a company if the debt is incurred: (a) in the ordinary course of the company ' s business; and (b) during:
(i) the 6-month period starting on the day this section commences; or
(ii) any longer period that starts on the day this section commences and that is prescribed by the regulations for the purposes of this subparagraph; and
A person who wishes to rely on subsection (1) in a proceeding for, or relating to, a contravention of subsection 588G(2) bears an evidential burden in relation to that matter. When the safe harbour does not apply 588GAAA(3)
Subsection (1) is taken never to have applied in relation to a person and a debt in the circumstances prescribed by the regulations for the purposes of this subsection. Definitions 588GAAA(4)
In this section:
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