Document ID: chunk:federal_register_of_legislation:C2025C00185:section:588wa
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 588WA
Character Range: 2073493–2074454

588WA  Safe harbour—taking reasonable steps to ensure company's directors have the benefit of the directors' safe harbour
 (1) Subsection 588V(1) does not apply in relation to a corporation that is the holding company of a company, and to a debt, if:
 (a) the corporation takes reasonable steps to ensure that either subsection 588GA(1) or 588GAAA(1) (the safe harbour provision) applies in relation to:
 (i) each of the directors of the company; and
 (ii) the debt; and
 (b) the safe harbour provision does so apply in relation to each of those directors and to the debt.
 (2) A corporation that wishes to rely on subsection (1) in a proceeding for, or relating to, a contravention of subsection 588V(1) bears an evidential burden in relation to that matter.
 (3) In this section:
evidential burden, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.