(1) Subsection 588V(1) does not apply in relation to a corporation that is the holding company of a company, and to a debt, if:
(a) the corporation takes reasonable steps to ensure that subsection 588GA(1) (about a safe harbour for directors taking certain courses of action) applies in relation to:
(i) each of the directors of the company; and
(ii) the debt; and
(b) subsection 588GA(1) does so apply in relation to each of those directors and to the debt.
(2) A corporation that wishes to rely on subsection (1) in a proceeding for, or relating to, a contravention of subsection 588V(1) bears an evidential burden in relation to that matter.
(3) In this section:
"evidential burden" , in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.