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 459S
COMPANY MAY NOT OPPOSE APPLICATION ON CERTAIN GROUNDS
459S(1)
[
Demand may not ground opposition]
(a) that the company relied on for the purposes of an application by it for the demand to be set aside; or
(b) that the company could have so relied on, but did not so rely on (whether it made such an application or not). 459S(2) [ Ground material to solvency]
In so far as an application for a company to be wound up in insolvency relies on a failure by the company to comply with a statutory demand, the company may not, without the leave of the Court, oppose the application on a ground:
(a) that the company relied on for the purposes of an application by it for the demand to be set aside; or
(b) that the company could have so relied on, but did not so rely on (whether it made such an application or not). 459S(2) [ Ground material to solvency]
The Court is not to grant leave under subsection (1) unless it is satisfied that the ground is material to proving that the company is solvent.
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