Order for compensation where director involved in void transaction
453M Order for compensation where director involved in void transaction
Where:
a court finds a person guilty of an offence constituted by a contravention of subsection 453L(1); and
the court is satisfied that the company or another person has suffered loss or damage because of the act or omission constituting the offence;
the court may (whether or not it imposes a penalty) order the first‑mentioned person to pay compensation to the company or other person, as the case may be, of such amount as the order specifies.
Section 73A defines when a court is taken to find a person guilty of an offence.
An order under subsection (1) may be enforced as if it were a judgment of the court.
The power of a court under section 1318 to relieve a person from liability as mentioned in that section extends to relieving a person from liability to be ordered under this section to pay compensation.
This Act’s bill:Explanatory memorandumSecond reading speech
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