CORPORATIONS ACT 2001 - SECT 588WA Safe harbour--taking reasonable steps to ensure company's directors have the benefit of the directors' safe harbour

CORPORATIONS ACT 2001 - SECT 588WA

  (1)   Subsection   588V(1) does not apply in relation to a corporation that is the holding company of a company, and to a debt, if:

  (a)   the corporation takes reasonable steps to ensure that either subsection   588GA(1) or 588GAAA(1) (the safe harbour provision ) applies in relation to:

  (i)   each of the directors of the company; and

  (ii)   the debt; and

  (b)   the safe harbour provision does so apply in relation to each of those directors and to the debt.

  (2)   A corporation that wishes to rely on subsection   (1) in a proceeding for, or relating to, a contravention of subsection   588V(1) bears an evidential burden in relation to that matter.

  (3)   In this section:

"evidential burden" , in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.