588FGAE
In forceCourt may set aside order by ASIC
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.7BRecovering property or compensation for the benefit of creditors of insolvent company
Division 2Voidable transactions
Subdivision DASIC orders about certain voidable transactions
588FGAE Court may set aside order by ASIC
(1)
The person subject to an order under subsection 588FGAA(3) or any other person interested in such an order may apply to a Court within the period described in subsection (2) to have the order set aside.
(2)
The period is 60 days after the day the applicant was given the order or otherwise became aware of it.
(3)
The Court may set the order aside if satisfied, on the basis of the written reasons for the order, that section 588FGAA did not apply.
(4)
If the order is set aside, it is taken never to have been made.
This Act’s bill:Explanatory memorandumSecond reading speech
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