Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A corporation contravenes this section if:
(a) the corporation is the holding company of a company at the time when the company incurs a debt; and
(b) the company is insolvent at that time, or becomes insolvent by incurring that debt, or by incurring at that time debts including that debt; and
(c) at that time, there are reasonable grounds for suspecting that the company is insolvent, or would so become insolvent, as the case may be; and
(d) one or both of the following subparagraphs applies:
(i) the corporation, or one or more of its directors, is or are aware at that time that there are such grounds for so suspecting;
(ii) having regard to the nature and extent of the corporation's control over the company's affairs and to any other relevant circumstances, it is reasonable to expect that:
(A) a holding company in the corporation's circumstances would be so aware; or
(B) one or more of such a holding company's directors would be so aware; and
(e) that time is at or after the commencement of this Act.
(2) A corporation that contravenes this section is not guilty of an offence.