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239Z: Effect on dealing with company property
or “Rules for property transactions when a company is in administration”
You could also call this:

“Officers may have to pay compensation for wrongful actions that cause losses”

If you’re convicted of an offence under section 239Z(4) as a director or officer of a company, the court can make you pay compensation. This compensation is for anyone who has lost money because of what you did wrong. The people who lost money could include the company itself. The court decides how much you need to pay to make up for the losses caused by your actions.

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Next up: 239AB: Effect on transfer of shares

or “Share transfers and shareholder changes are restricted during company administration”
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Part 15A Voluntary administration
Effect of appointment of administrator

239AACompany officer's liability for compensation for void transaction or dealing

  1. The court may order a director or officer of a company who is convicted of an offence under section 239Z(4) to compensate any person, including the company, who has suffered loss as a result of the act or omission constituting the offence.

Compare
  • Corporations Act 2001 s 437E(1) (Aust)
Notes
  • Section 239AA: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).