CORPORATIONS ACT 2001
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.