Section 5F — Bankruptcy Act 1966: Controlling an entity in relation to a matter

(1) Subject to this section, a person shall be taken, for the purposes of this Act, to control an entity at a particular time in relation to a matter if, and only if: (a) no act, omission or decision inconsistent with the person’s directions, instructions or wishes was; and (b) having regard to all the circumstances, it may reasonably be expected that no such act, omission or decision would have been; done or made at that time, in relation to the matter, by or on behalf of the entity. (2) A person shall not be taken to control an entity at a particular time in relation to a matter merely because: (a) no act, omission or decision inconsistent with advice given by the person in the proper performance of the functions attaching to his or her professional capacity, or to his or her business relationship with the entity, was; and (b) having regard to all the circumstances, it may reasonably be expected that no such act, omission or decision would have been; done or made at that time, in relation to that matter, by or on behalf of the entity. (3) A reference in subsection (1) or (2), in relation to a matter, to an act, omission or decision is a reference to an act, omission or decision that, having regard to the nature of that matter, is of substantial importance. (4) A person shall not be taken to control a company at a particular time in relation to a matter if the company is not a private company at that time.