Section 1237V — Corporations Act 2001: Court may make order imposing liability on unlicensed person operating CCIV

Where: (a) a sub-fund of a CCIV is being wound up; and (b) within the period of 4 years ending before the relation-back day, a person not meeting the requirements in subsection 1224F(1) for the director of a CCIV operated the business and conducted the affairs of the CCIV; the Court may, on the application of the sub-fund’s liquidator, order that the person is personally liable for so much of the sub-fund’s debts and liabilities as does not exceed an amount specified in the order.