Document ID: chunk:federal_register_of_legislation:C2020A00003:clause:4_13
Version: federal_register_of_legislation:C2020A00003
Segment Type: clause
Provision Reference: sch 4 cl 13
Character Range: 85919–86852

13  After subsection 920A(1B)
Insert:

When a person has been an officer of a corporation unable to pay its debts
 (1C) This subsection applies to a person in relation to a corporation if, within the last 7 years:
 (a) the person was an officer of the corporation when the corporation was:
 (i) carrying on a financial services business; or
 (ii) engaging in credit activities (within the meaning of the National Consumer Credit Protection Act 2009); and
 (b) the corporation was wound up either:
 (i) while the person was an officer of the corporation; or
 (ii) within the 12 months after the person ceased to be an officer of the corporation; and
 (c) a liquidator lodged a report under subsection 533(1) (including that subsection as applied by section 526‑35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006) about the corporation's inability to pay its debts.

Person to be given an opportunity to be heard