THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4 - WINDING UP IN INSOLVENCY

Division 1 - When company to be wound up in insolvency

SECTION 459C   PRESUMPTIONS TO BE MADE IN CERTAIN PROCEEDINGS  

459C(1)  [Applications to which section applicable]  

This section has effect for the purposes of:

(a)  an application under section 234, 459P, 462 or 464; or

(b)  an application for leave to make an application under section 459P.

459C(2)  [Company to be presumed insolvent]  

The Court must presume that the company is insolvent if, during or after the 3 months ending on the day when the application was made:

(a)  the company failed (as defined by section 459F) to comply with a statutory demand; or

(b)  execution or other process issued on a judgment, decree or order of an Australian court in favour of a creditor of the company was returned wholly or party unsatisfied; or

(c)  a receiver, or receiver and manager, of property of the company was appointed under a power contained in an instrument relating to a floating charge on such property; or

(d)  an order was made for the appointment of such a receiver, or receiver and manager, for the purpose of enforcing such a charge; or

(e)  a person entered into possession, or assumed control, of such property for such a purpose; or

(f)  a person was appointed so to enter into possession or assume control (whether as agent for the chargee or for the company).

459C(3)  [Effect of presumption]  

A presumption for which this section provides operates except so far as the contrary is proved for the purposes of the application.