• Specific Year
    Any

CORPORATIONS ACT 2001 - SECT 456J Right of indemnity

CORPORATIONS ACT 2001 - SECT 456J

Right of indemnity

    A person who is or has been the restructuring practitioner for a company under restructuring is entitled to be indemnified out of the company's property (other than any PPSA retention of title property subject to a PPSA security interest that is perfected within the meaning of the Personal Property Securities Act 2009 ) for:

  (a)   any debts or liabilities incurred, or damages or losses sustained, in good faith and without negligence, by the restructuring practitioner:

  (i)   in the performance or purported performance of the restructuring practitioner's functions or duties; or

  (ii)   in the exercise or purported exercise of the restructuring practitioner's powers; and

  (b)   the remuneration to which the restructuring practitioner is entitled under Insolvency Practice Rules made under Subdivision DA of Division   60 of Schedule   2.

Download

No downloadable files available