Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:3_242
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 3 cl 242
Character Range: 582554–583166

242  Subsection 588G(3)
Repeal the subsection, substitute:

 (3) A person commits an offence if:
 (a) the person is a director of the company when it incurs a debt; and
 (b) the company is insolvent at that time, or becomes insolvent by incurring that debt, or by incurring at that time debts including that debt; and
 (c) the person suspected at the time when the company incurred the debt that the company was insolvent or would become insolvent as a result of incurring that debt or other debts (as in paragraph (1)(b)); and
 (d) the person's failure to prevent the company incurring the debt was dishonest.