Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.5 - VOLUNTARY WINDING UP  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 1 - Resolution for winding up  

SECTION 490   WHEN COMPANY CANNOT WIND UP VOLUNTARILY  

490(1)   [ Circumstances]  

Except with the leave of the Court, a company cannot resolve that it be wound up voluntarily if:


(a) an application for the company to be wound up in insolvency has been filed; or


(b) the Court has ordered that the company be wound up in insolvency, whether or not the order was made on such an application; or


(c) the company is a trustee company (within the meaning of Chapter 5D ) that is in the course of administering or managing one or more estates.

490(2)   [ Standing to be heard]  

A person with a proper interest (within the meaning of Chapter 5D ) in the estate referred to in paragraph (1)(c), or who has any claim in respect of the estate, is entitled to be heard in a proceeding before the Court for leave under subsection (1).


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