THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4 - WINDING UP IN INSOLVENCY

Division 4 - Application for order to wind up company in insolvency

SECTION 459P   WHO MAY APPLY FOR ORDER UNDER SECTION 459A  

459P(1)  (Applicants 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)  the Commission;

(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)  the Commission.

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.