58AApplication—pt 5A

58A Application—pt 5A This part applies if— (a) a company (the defunct company)— (i) is an employer in a covered industry; and (ii) fails to pay the authority a levy payable by the company under section 50 for a quarter; and (iii) disposes of property (a creditor-defeating disposition) in a way that has the effect of— (A) preventing the property becoming available for the benefit of the company’s creditors in the winding-up of the company; or (B) hindering, or significantly delaying, the process of making the property available for the benefit of the company’s creditors in the winding-up of the company; and (iv) ceases to trade; and (b) another company (the phoenix company) is incorporated that— (i) is an employer in the covered industry; and (ii) conducts substantially the same business as the business conducted by the defunct company; and (c) at least 1 of the directors of the phoenix company was a director of the defunct company at the time the creditor-defeating disposition happened.

Part 5A Liability of company directors to pay levy