Restrictions on insolvents

Current

(1)

In this section —

insolvent means —

(a)

in relation to an individual — an insolvent under administration as defined in the Corporations Act section 9; and

(b)

in relation to a body corporate — a Chapter 5 body corporate as defined in the Corporations Act section 9; and

(c)

in relation to a partnership — a partnership that has an insolvent general partner.

(2)

An insolvent must not, except with the leave of the Commissioner —

(a)

be a general partner in a limited partnership or incorporated limited partnership; or

(b)

manage a limited partnership or manage an incorporated limited partnership.

Penalty for this subsection: a fine of $10 000 and imprisonment for 1 year.

[Section 88 amended: No. 14 of 2025 s. 8(2).]

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