Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_7:p2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 2/4)
Character Range: 1241498–1244230

underlying liability exists as identified in the notice of the estimate under section 268‑15.

Subdivision 269‑B—Obligations and penalties

Table of sections
269‑15 Directors' obligations
269‑20 Penalty
269‑25 Notice
269‑30 Effect on penalty of directors' obligation ending before end of notice period
269‑35 Defences

269‑15  Directors' obligations

Directors' obligations
 (1) The directors (within the meaning of the Corporations Act 2001) of the company (from time to time) on or after the initial day must cause the company to comply with its obligation.
 (2) The directors of the company (from time to time) continue to be under their obligation until:
 (a) the company complies with its obligation; or
 (b) an administrator of the company is appointed under section 436A, 436B or 436C of the Corporations Act 2001; or
 (ba) a small business restructuring practitioner for the company is appointed under section 453B of that Act; or
 (c) the company begins to be wound up (within the meaning of that Act).
 (2A) To avoid doubt, if the obligation of the company is an obligation to pay the amount of an estimate of an underlying liability under Division 268, a director is subject to his or her obligation under subsection (1):
 (a) even if the underlying liability never existed or has been discharged in full; and
 (b) even if the unpaid amount of the underlying liability is less than the unpaid amount of the estimate; and
 (c) at all times on and after the day referred to in paragraph 269‑10(5)(b) until the director's obligation ceases under subsection (2) of this section, including at any such times before the Commissioner has made the estimate or given notice of the estimate.

Instalment arrangements
 (3) The Commissioner must not commence, or take a procedural step as a party to, proceedings to enforce an obligation, or to recover a penalty, of a director under this Division if an *arrangement that covers the company's obligation is in force under section 255‑15 (Commissioner's power to permit payments by instalments).
Note 1: The arrangement may also cover other obligations of the company.
Note 2: Subsection (3) does not prevent the Commissioner from giving a director a notice about a penalty under section 269‑25.

269‑20  Penalty

Penalty for director on or before due day
 (1) You are liable to pay to the Commissioner a penalty if:
 (a) at the end of the due day, the directors of the company are still under an obligation under section 269‑15; and
 (b) you were under that obligation at or before that time (because you were a director).
Note: Paragraph (1)(b) applies even if you stopped being a director before the end of the due day: see subsection 269‑15(2).
 (2) The penalty is due and payable