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 459P   WHO MAY APPLY FOR ORDER UNDER SECTION 459A  

459P(1)   [ Applications of right]  

Any one or more of the following may apply to the Court for a company to be wound up in insolvency:

(a) the company;

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

(c) a contributory;

(d) a director;

(e) a liquidator or provisional liquidator of the company;

(f) ASIC;

(g) a prescribed agency.

459P(2)   [ Applicants with leave of Court]  

An application by any of the following, or by persons including any of the following, 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) ASIC.

459P(3)   [ Company insolvent]  

The Court may give leave if satisfied that there is a prima facie case that the company is insolvent, but not otherwise.

459P(4)   [ Leave subject to conditions]  

The Court may give leave subject to conditions.

459P(5)   [ No other way to apply for winding up in insolvency]  

Except as permitted by this section, a person cannot apply for a company to be wound up in insolvency.