THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

Division 3 - General powers of Court

SECTION 482   POWER TO STAY OR TERMINATE WINDING UP  

482(1)  [Stay or termination]  

At any time during the winding up of a company, the Court may, on application, make an order staying the winding up either indefinitely or for a limited time or terminating the winding up on a day specified in the order.

482(1A)  [Application]  

An application may be made by:

(a)  in any case - the liquidator, or a creditor or contributory, of the company; or

(b)  in the case of a company registered under the Life Insurance Act 1995 - APRA.

482(2)  [Liquidator's report]  

On such an application, the Court may, before making an order, direct the liquidator to furnish a report with respect to a relevant fact or matter.

482(3)  [Resumption of control by officers]  

Where the Court has made an order terminating the winding up, the Court may give such directions as it thinks fit for the resumption of the management and control of the company by its officers, including directions for the convening of a general meeting of members of the company to elect directors of the company to take office upon the termination of the winding up.

482(4)  [Costs of proceedings]  

The costs of proceedings before the Court under this section and the costs incurred in convening a meeting of members of the company in accordance with an order of the Court under this section shall, if the Court so directs, form part of the costs, charges and expenses of the winding up.

482(5)  [Lodgment of copy of order]  

Where an order is made under this section, the company shall lodge an office copy of the order within 14 days after the making of the order.