CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.4A - WINDING UP BY THE COURT ON OTHER GROUNDS
History
Heading to Pt 5.4A inserted by No 210 of 1992, s 57 (effective 23 June
1993).
[
CCH Note:
see s 1382-1383.]
SECTION 462
STANDING TO APPLY FOR WINDING UP
462(1)
[Winding up under sec 461]
A reference in this section to an order to wind up a company is a reference to an order to wind up the company on a ground provided for by section
461.
History
S 462(1) amended by No 210 of 1992, s 60(a) (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
S 462(1) previously omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).
462(2)
[Who may apply]
Subject to this section, any one or more of the following may apply for an order to wind up a company:
(a)
the company; or
(b)
a creditor (including a contingent or prospective creditor) of the company; or
(c)
a contributory; or
(d)
the liquidator of the company; or
(e)
the Commission pursuant to section 464; or
(f)
the Commission (in the circumstances set out in subsection (2A)); or
(h)
APRA.
History
S 462(2)(h) amended by No 44 of 1999, Sch 3, Pt 2 (effective 1 July 1999).
S 462(2)(h) substituted by No 48 of 1998, Sch 3, Pt 2 (effective 1 July 1998).
S 462(2) amended by No 61 of 1998, Sch 2, Pt 1 (effective 1 July 1998).
S 462(2) amended by No 210 of 1992, s 60(b)-(d) (effective 23 June 1993).
[
CCH Note:
See s 1380(1), 1382-1383.]
462(2A)
[Commission may apply for winding up]
The Commission may apply for an order to wind up a company under paragraph
(2)(f) only if:
(a)
the company has no members; and
(b)
the Commission has given the company at least 1 month's written notice of its intention to apply for the order.
History
S 462(2A) inserted by No 61 of 1998, Sch 2, Pt 1 (effective 1 July 1998).
462(3)
[APRA]
A person being, or persons including, APRA may only apply for an order to wind up a company if:
(a)
an inspector has been appointed to make an investigation in respect of the company under section 52 of the
Insurance Act 1973; and
(b)
the company's liabilities within the meaning of Part III of that Act exceed the company's assets within the meaning of that Part.
History
S 462(3) amended by No 44 of 1999, Sch 3, Pt 2 (effective 1 July 1999).
S 462(3) amended by No 48 of 1998, Sch 3, Pt 2 (effective 1 July 1998).
462(4)
[Application by contingent or prospective creditor]
The Court shall not hear an application by a person being, or persons including, a contingent or prospective creditor of a company for an order to wind up the company unless and until:
(a)
such security for costs has been given as the Court thinks reasonable; and
(b)
a
prima facie case for winding up the company has been established to the Court's satisfaction.
462(5)
[Entitlement to apply otherwise]
Except as permitted by this section, a person is not entitled to apply for an order to wind up a company.
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