Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p89
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 89/110)
Character Range: 377885–380497

entered into at or after the commencement of this Part may be voidable because of any one or more of the following subsections.

  "(2) The transaction is voidable if:

  (a)     it is an insolvent transaction of the company; and

    (b)     it was entered into, or an act was done for the purpose of giving effect to it:

       (i) during the 6 months ending on the relation-back day; or

         (ii) after that day but on or before the day when the winding up began.

  "(3) The transaction is voidable if:

    (a)     it is an insolvent transaction, and also an uncommercial transaction, of the company; and

    (b)     it was entered into, or an act was done for the purpose of giving effect to it, during the 2 years ending on the relation-back day.

   (4) The transaction is voidable if:

  (a)     it is an insolvent transaction of the company; and

  (b)     a related entity of the company is a party to it; and

    (c)     it was entered into, or an act was done for the purpose of giving effect to it, during the 4 years ending on the relation-back day.

  "(5) The transaction is voidable if:

  (a)     it is an insolvent transaction of the company; and

    (b)     the company became a party to the transaction for the purpose, or for purposes including the purpose, of defeating, delaying, or interfering with, the rights of any or all of its creditors on a winding up of the company; and

    (c)     the transaction was entered into, or an act done was for the purpose of giving effect to the transaction, during the 10 years ending on the relation-back day.

"(6) The transaction is voidable if it is an unfair loan to the company made at any time on or before the day when the winding up began.

"(7) A reference in this section to doing an act includes a reference to making an omission.

Court may make orders about voidable transactions

"588FF.(1) Where, on the application of a company's liquidator, the Court is satisfied that a transaction of the company is voidable because of section 588FE, the Court may make one or more of the following orders:

    (a)     an order directing a person to pay to the company an amount equal to some or all of the money that the company has paid under the transaction;

    (b)     an order directing a person to transfer to the company property that the company has transferred under the transaction;

    (c)     an order requiring a person to pay to the company an amount that, in the Court's opinion, fairly represents some or all of the benefits that the person has received because of the transaction;

    (d)     an order requiring a