s 588GAA
In forceObject of this Subdivision
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 3Duties to prevent insolvent trading and creditor‑defeating dispositions
Subdivision BDuties to prevent creditor‑defeating dispositions
588GAA Object of this Subdivision
The object of this Subdivision is to deter the practice (which may form part of the activity sometimes called phoenixing) of disposing of a company’s assets to avoid the company’s obligations to its creditors.
This Act’s bill:Explanatory memorandumSecond reading speech
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