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BANKRUPTCY ACT 1966 - SECT 5B

Associated entities: companies

  (1)   For the purposes of this Act, a company is associated with a person if the person:

  (a)   is a company officer of the company or otherwise is concerned, or takes part, in the company's management; or

  (b)   is able to control, or to influence materially, the company's activities or internal affairs; or

  (c)   is a member of the company; or

  (d)   is in a position to cast, or to control the casting of, a vote at a general meeting of the company; or

  (e)   has power to dispose of, or to exercise control over the disposal of, a share in the company; or

  (f)   is financially interested in the company's success or failure or apparent success or failure; or

  (g)   is owed a debt by the company; or

  (h)   is employed, or is engaged under a contract for services, by the company; or

  (j)   acts as agent for the company in any transaction or dealing; or

  (k)   gives professional advice to the company.

  (2)   For the purposes of this Act, a company is also associated with a person if the company:

  (a)   holds property jointly with the person; or

  (b)   is dealing with the person's property as an agent for the person; or

  (c)   is a trustee of a trust under which the person is capable of benefiting; or

  (d)   acquires or disposes of property as a result of dealing with the person.

  (3)   The circumstances set out in subsections   (1) and (2) are the only circumstances in which a company is associated with a person for the purposes of this Act.


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