Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 588K

(1)

If:

(a)

a court finds a person guilty of an offence under subsection 588G(3) in relation to the incurring of a debt by a company; and

(b)

the court is satisfied that:

(i)

the debt is wholly or partly unsecured; and

(ii)

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 imposes a penalty) order the first-mentioned person to pay to the company compensation equal to the amount of that loss or damage.

Note: Section 73A defines when a court is taken to find a person guilty of an offence.