THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 6 - Protection of company's property during administration

SECTION 440A   WINDING UP COMPANY  

440A(1)  [No voluntary winding up]  

A company under administration cannot be wound up voluntarily, except as provided by section 446A.

440A(2)  [Winding up application to be adjourned]  

The Court is to adjourn the hearing of an application for an order to wind up a company if the company is under administration and the Court is satisfied that it is in the interests of the company's creditors for the company to continue under administration rather than be wound up.

440A(3)  [Provisional liquidator]  

The Court is not to appoint a provisional liquidator of a company if the company is under administration and the Court is satisfied that it is in the interests of the company's creditors for the company to continue under administration rather than have a provisional liquidator appointed.




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