Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 600

600. (1) For the purposes of this section:

   (a)  a reference to a company is a reference to:

        (i)    a corporation; or

        (ii)   a Part 5.7 body;
and includes a reference to such a corporation or body that has been
dissolved;

   (b)  a company shall be taken to be a relevant company at a particular time
        if, and only if, within the period of 7 years ending at that time, a
        liquidator of the company has, under:

        (i)    subsection 533 (1); or

        (ii)   a law corresponding to subsection 533 (1);
reported, or lodged a report with respect to, a matter relating to the ability
of the company to pay its unsecured creditors; and

   (c)  a person shall be taken to be a relevant person in relation to a
        company that is or was a relevant company if, and only if, the person
        was a director of the company at any time during the period of 12
        months ending on the day of the beginning of the winding up of the
        company.

(2) The Commission may give to a person who is a relevant person in relation
to 2 or more companies that are, at the time of service, relevant companies a
notice in writing requiring the person to show cause why the Commission should
not serve on the person a notice under subsection (3).

(3) Where the Commission:

   (a)  has served on a person a notice under subsection (2); and

   (b)  has given the person an opportunity of being heard in relation to the
        matter; the Commission shall, unless it is satisfied that it is not
        appropriate to do so, serve on the person a notice in writing
        prohibiting the person, for such period not exceeding 5 years as is
        specified in the notice, from managing a corporation.

(4) Where:

   (a)  the Commission has served a notice under subsection (2) on a person
        who is a relevant person in relation to 2 or more companies that were,
        at the time of service, relevant companies; and

   (b)  those 2 companies have at any time been related to each other, or any
        of those companies has at any time been related to any other of those
        companies, as the case may be; the Commission shall have regard to
        that fact in considering whether or not it is appropriate to serve on
        the person a notice under subsection (3).

(5) A person who is the subject of a section 600 notice (whether served before
or after the commencement of this section) shall not, without the leave of the
Court, be a director or promoter of, or be in any way (whether directly or
indirectly) concerned in or take part in the management of, a corporation.