Right of indemnity
456J Right of indemnity
A person who is or has been the restructuring practitioner for a company under restructuring is entitled to be indemnified out of the company’s property (other than any PPSA retention of title property subject to a PPSA security interest that is perfected within the meaning of the Personal Property Securities Act 2009) for:
any debts or liabilities incurred, or damages or losses sustained, in good faith and without negligence, by the restructuring practitioner:
in the performance or purported performance of the restructuring practitioner’s functions or duties; or
in the exercise or purported exercise of the restructuring practitioner’s powers; and
the remuneration to which the restructuring practitioner is entitled under Insolvency Practice Rules made under Subdivision DA of Division 60 of Schedule 2.
This Act’s bill:Explanatory memorandumSecond reading speech
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