Section 853M — Corporations Act 2001: When an individual has been a core officer of a corporation unable to pay its debts

This section applies to an individual in relation to a corporation if, within the last 7 years: (a) the individual was a core officer of the corporation when the corporation was an FMI licensee; and (b) the corporation was wound up either: (i) while the individual was a core officer of the corporation; or (ii) within the 12 months after the individual ceased to be a core officer of the corporation; and (c) a liquidator lodged a report under subsection 533(1) (including that subsection as applied by section 526-35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006) about the corporation’s inability to pay its debts.