Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 588W

  (1)   Where:

  (a)   a corporation has contravened section   588V in relation to the incurring of a debt by a company; and

  (b)   the person to whom the debt is owed has suffered loss or damage in relation to the debt because of the company's insolvency; and

  (c)   the debt was wholly or partly unsecured when the loss or damage was suffered; and

  (d)   the company is being wound up;

the company's liquidator may recover from the corporation, as a debt due to the company, an amount equal to the amount of the loss or damage.

  (2)   Proceedings under this section may only be begun within 6 years after the beginning of the winding up.