Document ID: chunk:federal_register_of_legislation:C2025C00185:section:588k
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 588K
Character Range: 2062065–2063174

588K  Criminal court may order compensation
 (1) If:
 (a) a court finds a person guilty of an offence under subsection 588G(3) in relation to the incurring of a debt by a company; and
 (b) the court is satisfied that:
 (i) the debt is wholly or partly unsecured; and
 (ii) the person to whom the debt is owed has suffered loss or damage in relation to the debt because of the company's insolvency;
the court may (whether or not it imposes a penalty) order the first‑mentioned person to pay to the company compensation equal to the amount of that loss or damage.
Note: Section 73A defines when a court is taken to find a person guilty of an offence.
 (2) If:
 (a) a court finds a person guilty of an offence based on subsection 588GAB(1) or 588GAC(1) relating to disposition of property by a company; and
 (b) the court is satisfied that one or more creditors of the company suffered loss or damage because of the disposition and the company's insolvency;
the court may order the person to pay the company compensation equal to the loss or damage (whether or not the court imposes a penalty for the offence).