Section 853M — Corporations Act 2001 (Cth)

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.

Related sections

• s 853J — Individual to be given an opportunity to be heard before ASIC makes financial market infrastructure banning order
• s 853K — When an individual is not a fit and proper person
• s 853L — When an individual contravenes a financial services law
• s 853N — What a financial market infrastructure banning order prohibits
• s 853P — Effect of financial market infrastructure banning orders
• s 853Q — Variation or cancellation of financial market infrastructure banning orders

Research how courts apply s 853M

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