Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 588K

Criminal court may order compensation


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

the court is satisfied that:

the debt is wholly or partly unsecured; and
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.

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