THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 4 - Voluntary winding up generally

SECTION 511   APPLICATION TO COURT TO HAVE QUESTIONS DETERMINED OR POWERS EXERCISED  

511(1)  [Persons entitled to apply]  

The liquidator, or any contributory or creditor, may apply to the Court:

(a)  to determine any question arising in the winding up of a company; or

(b)  to exercise all or any of the powers that the Court might exercise if the company were being wound up by the Court.

511(1A)  [APRA application to Court]  

APRA may apply to the Court under subsection (1) in relation to a company that is a friendly society within the meaning of the Life Insurance Act 1995 and which may be wound up voluntarily under subsection 180(2) of that Act.

511(2)  [Court's powers]  

The Court, if satisfied that the determination of the question or the exercise of power will be just and beneficial, may accede wholly or partially to any such application on such terms and conditions as it thinks fit or may make such other order on the application as it thinks just.