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CORPORATIONS ACT 2001 - SECT 1237V Court may make order imposing liability on unlicensed person operating CCIV

CORPORATIONS ACT 2001 - SECT 1237V

Court may make order imposing liability on unlicensed person operating CCIV

    Where:

  (a)   a sub - fund of a CCIV is being wound up; and

  (b)   within the period of 4 years ending before the relation - back day, a person not meeting the requirements in subsection   1224F(1) for the director of a CCIV operated the business and conducted the affairs of the CCIV;

the Court may, on the application of the sub - fund's liquidator, order that the person is personally liable for so much of the sub - fund's debts and liabilities as does not exceed an amount specified in the order.

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