Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p73
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 183235–185812

a body referred to in paragraph 469 (1) (b), not being a corporation.".

123. After section 562 of the Principal Act the following section is inserted:

Commission may order persons not to manage corporations
"562a. (1) For the purposes of this section—
     (a) a reference to a company is a reference to—
         (i) a corporation; or
         (ii) a body of the kind referred to in paragraph 469 (1) (b),
    and includes a reference to such a corporation or body that has been dissolved;
     (b) a company shall be taken to be a relevant company at a particular time if, and only if, within the period of 7 years ending at that time, a liquidator of the company has, under—
         (i) sub-section 418 (1);
         (ii) a provision of a previous law of the Territory with which sub-section 418 (1) corresponds;
         (iii) a provision of a law of a participating State or participating Territory that corresponds with sub-section 418 (1); or
         (iv) a provision of a previous law of a participating State or participating Territory with which a provision of the kind referred to in sub-paragraph (iii) corresponds,
    reported, or lodged a report with respect to, a matter relating to the ability of the company to pay its unsecured creditors; and
     (c) a person shall be taken to be a relevant person in relation to a company that is or was a relevant company if, and only if, the person was a director of the company at any time during the period of 12 months ending on the date of the commencement of the winding up of the company.
"(2) The Commission may serve on a person who is a relevant person in relation to 2 or more companies that are, at the time of service, relevant companies a notice in writing requiring the person to show cause why the Commission should not serve on the person a notice under sub-section (3).
"(3) Where the Commission—
     (a) has served on a person a notice under sub-section (2); and
     (b) has given the person an opportunity of being heard in relation to the matter,
the Commission shall, unless it is satisfied that it is not appropriate to do so, serve on the person a notice in writing prohibiting the person, for such period not exceeding 5 years as is specified in the notice, from being a director or promoter of, or from being in any way (whether directly or indirectly)

concerned in or taking part in the management of, a corporation without the leave of the Court.
"(4) Where—
     (a) the Commission has served a notice under sub-section (2) on a person who is a relevant person in relation to 2 or more