Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 - SECT 456J

Right of indemnity

                   A person who is or has been the restructuring practitioner for a company under restructuring is entitled to be indemnified out of the company's property (other than any PPSA retention of title property subject to a PPSA security interest that is perfected within the meaning of the Personal Property Securities Act 2009 ) for:

                     (a)  any debts or liabilities incurred, or damages or losses sustained, in good faith and without negligence, by the restructuring practitioner:

                              (i)  in the performance or purported performance of the restructuring practitioner's functions or duties; or

                             (ii)  in the exercise or purported exercise of the restructuring practitioner's powers; and

                     (b)  the remuneration to which the restructuring practitioner is entitled under Insolvency Practice Rules made under Subdivision DA of Division 60 of Schedule 2.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback