Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 588J

(1)

Where, on an application for a civil penalty order against a person in relation to a contravention of subsection 588G(2), the Court is satisfied that:

(a)

the person committed the contravention in relation to the incurring of a debt by a company; and

(b)

the debt is wholly or partly unsecured; and

(c)

the person to whom the debt is owed has suffered loss or damage in relation to the debt because of the company's insolvency;

the Court may (whether or not it makes a pecuniary penalty order under section 1317G or an order under section 206C disqualifying a person from managing corporations) order the first-mentioned person to pay to the company compensation equal to the amount of that loss or damage.

(2)

A company's liquidator may intervene in an application for a civil penalty order against a person in relation to a contravention of subsection 588G(2).

(3)

A company's liquidator who so intervenes is entitled to be heard:

(a)

only if the Court is satisfied that the person committed the contravention in relation to the incurring of a debt by that company; and

(b)

only on the question whether the Court should order the person to pay compensation to the company.