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CORPORATIONS ACT 2001 - SECT 553B Insolvent companies--penalties and fines not generally provable

CORPORATIONS ACT 2001 - SECT 553B

Insolvent companies--penalties and fines not generally provable

  (1)   Subject to subsection   (2), penalties or fines imposed by a court in respect of an offence against a law are not admissible to proof against an insolvent company.

  (2)   An amount payable under a pecuniary penalty order, or an interstate pecuniary penalty order, within the meaning of the Proceeds of Crime Act 1987 , is admissible to proof against an insolvent company.

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