Section 588WA — Corporations Act 2001: Safe harbour—taking reasonable steps to ensure company’s directors have the benefit of the directors’ safe harbour

(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.