Section 5B — Bankruptcy Act 1966: Associated entities: companies

(1) For the purposes of this Act, a company is associated with a person if the person: (a) is a company officer of the company or otherwise is concerned, or takes part, in the company’s management; or (b) is able to control, or to influence materially, the company’s activities or internal affairs; or (c) is a member of the company; or (d) is in a position to cast, or to control the casting of, a vote at a general meeting of the company; or (e) has power to dispose of, or to exercise control over the disposal of, a share in the company; or (f) is financially interested in the company’s success or failure or apparent success or failure; or (g) is owed a debt by the company; or (h) is employed, or is engaged under a contract for services, by the company; or (j) acts as agent for the company in any transaction or dealing; or (k) gives professional advice to the company. (2) For the purposes of this Act, a company is also associated with a person if the company: (a) holds property jointly with the person; or (b) is dealing with the person’s property as an agent for the person; or (c) is a trustee of a trust under which the person is capable of benefiting; or (d) acquires or disposes of property as a result of dealing with the person. (3) The circumstances set out in subsections (1) and (2) are the only circumstances in which a company is associated with a person for the purposes of this Act.