Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
(1A) If, on an application for a civil penalty order against a person for a contravention of subsection 588GAB(2) or 588GAC(2) relating to a disposition of property of a company, the Court is satisfied that:
(a) the person contravened the subsection; and
(b) one or more creditors of the company suffered loss or damage because of the disposition and the company's insolvency;
the Court may order the person to pay the company compensation equal to the loss or damage (whether or not the Court makes a pecuniary penalty order under section 1317G or an order under section 206C disqualifying the person from managing corporations).
(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), 588GAB(2) or 588GAC(2) relating to the company.
(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; and
(b) only on the question whether the Court should order the
person to pay compensation to the company.