CORPORATIONS ACT 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.4
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WINDING UP IN INSOLVENCY
Division 4
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Application for order to wind up company in insolvency
SECTION 459R
PERIOD WITHIN WHICH APPLICATION MUST BE DETERMINED
459R(1)
[
Time limit]
(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 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.
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