Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4 - WINDING UP IN INSOLVENCY  

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

Division 4 - Application for order to wind up company in insolvency  

SECTION 459P   WHO MAY APPLY FOR ORDER UNDER SECTION 459A  

459P(1)    
Any one or more of the following may apply to the Court for a company to be wound up in insolvency:

(a)    the company;

(b)    a creditor (even if the creditor is a secured creditor or is only a contingent or prospective creditor);

(c)    a contributory;

(d)    a director;

(e)    a liquidator or provisional liquidator of the company;

(f)    ASIC;

(g)    a prescribed agency.

Note: The Reserve Bank may also apply under this section to the Court for an order if a condition in section 831A is satisfied in relation to a CS facility licensee: see section 849AA .

459P(2)    
An application by any of the following, or by persons including any of the following, may only be made with the leave of the Court:

(a)    a person who is a creditor only because of a contingent or prospective debt;

(b)    a contributory;

(c)    a director;

(d)    ASIC.

459P(3)    
The Court may give leave if satisfied that there is a prima facie case that the company is insolvent, but not otherwise.

459P(4)    
The Court may give leave subject to conditions.

459P(5)    
Except as permitted by this section, a person cannot apply for a company to be wound up in insolvency.