Employee entitlements bill

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Employee entitlements bill

Introduced into the House of Representatives on 17 February 2000, by the Treasurer, the Corporations Law Amendment (Employee Entitlements) Bill 2000, proposes amendments to the Corporations Law that would protect the entitlements of company employees from agreements and transactions that are entered into with the intention of defeating the recovery of those entitlements.

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Introduced into the House of Representatives on 17 February 2000, by the Treasurer, the Corporations Law Amendment (Employee Entitlements) Bill 2000, proposes amendments to the Corporations Law that would protect the entitlements of company employees from agreements and transactions that are entered into with the intention of defeating the recovery of those entitlements. The Bill also proposes to amend the Corporations Law by:

  • Introducing penalties for companies that deliberately enter into agreements or transactions for the purpose of avoiding employee entitlements;
  • Allowing for the payment of compensation to employees who have suffered loss or damage because of such agreements or transactions; and
  • Deeming that a company incurs a debt for the purposes of insolvent trading provisions, when the company enters into an uncommercial transaction, thereby extending the current duty on directors not to engage in insolvent trading.
 
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