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 459R   PERIOD WITHIN WHICH APPLICATION MUST BE DETERMINED  

459R(1)   [ Time limit]  

An application for a company to be wound up in insolvency is to be determined within 6 months after it is made.

459R(2)   [ Extension of period]  

The Court may by order extend the period within which an application must be determined, but only if:

(a) the Court is satisfied that special circumstances justify the extension; and

(b) the order is made within that period as prescribed by subsection (1), or as last extended under this subsection, as the case requires.

459R(3)   [ Application automatically dismissed]  

An application is, because of this subsection, dismissed if it is not determined as required by this section.

459R(4)   [ Order subject to conditions]  

An order under subsection (2) may be made subject to conditions.