As mentioned above the penalties differ depending on if the contravention is civil or criminal. The civil penalties include:
• An order to pay compensation to the company equivalent to the loss suffered as a result of the failure to prevent the company incurring debts whilst insolvent;
• Disqualification from managing companies; or
• Fines of up to $200,000
Criminal penalties include fines of up to $444,000 (current rate) and/or imprisonment for up to 5 years.