Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-5 - WINDING UP  

Division 526 - Winding up  

SECTION 526-15   WHO MAY APPLY TO COURT FOR WINDING UP ORDER  

526-15(1)  
Any one or more of the following may apply to the Court for an order that an Aboriginal and Torres Strait Islander corporation be wound up:

(a)  the corporation;

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

(c)  a member of the corporation;

(d)  a director of the corporation;

(e)  a contributory of the corporation;

(f)  a liquidator, or a provisional liquidator, of the corporation;

(g)  a special administrator of the corporation;

(h)  the Registrar.

This subsection has effect subject to subsections ( 2) , (3) , (4) and (5) .

526-15(2)  
The Registrar is the only person who may apply for an order that the corporation be wound up if the grounds on which the winding up is applied for are, or include, grounds referred to in any of the following:

(a)  paragraph 526-5(j) (failure to comply with a section 439-20 notice);

(b)  paragraph 526-5(k) (failure to lodge reports);

(c)  paragraph 526-5(l) (complexity or magnitude of corporation ' s activities).

526-15(3)  
If the corporation is under special administration only the Registrar or the special administrator may apply for an order that the corporation be wound up.

526-15(4)  
An application by any of the following, or by persons including any of the following, for an order that the corporation be wound up because it is insolvent 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)  the Registrar.

526-15(5)  
The court must not hear an application by a person being, or persons including, a contingent or prospective creditor of the corporation for an order to wind up the corporation 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 corporation has been established to the Court ' s satisfaction.

526-15(6)  
Except as permitted by this section, a person is not entitled to apply for an order to wind up an Aboriginal and Torres Strait Islander corporation.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.