Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis section applies to an individual in relation to a corporation if, within the last 7 years:
(a) the individual was a core officer of the corporation when the corporation was an FMI licensee; and
(b) the corporation was wound up either:
(i) while the individual was a core officer of the corporation; or
(ii) within the 12 months after the individual ceased to be a core officer of the corporation; and
(c) a liquidator lodged a report under subsection 533(1) (including that subsection as applied by section 526 - 35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 ) about the corporation's inability to pay its debts.