Document ID: chunk:federal_register_of_legislation:C2025C00185:section:588ff:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 588FF (pt 2/2)
Character Range: 1997770–1998749

subsection (1) may only be made:
 (a) during the period beginning on the relation‑back day and ending:
 (i) 3 years after the relation‑back day; or
 (ii) 12 months after the first appointment of a liquidator in relation to the winding up of the company;
  whichever is the later; or
 (b) within such longer period as the Court orders on an application under this paragraph made by the liquidator during the paragraph (a) period.
 (4) If the transaction is a voidable transaction solely because it is an unreasonable director‑related transaction, the court may make orders under subsection (1) only for the purpose of recovering for the benefit of the creditors of the company the difference between:
 (a) the total value of the benefits provided by the company under the transaction; and
 (b) the value (if any) that it may be expected that a reasonable person in the company's circumstances would have provided having regard to the matters referred to in paragraph 588FDA(1)(c).