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 459S   COMPANY MAY NOT OPPOSE APPLICATION ON CERTAIN GROUNDS  

459S(1)   [ Demand may not ground opposition]  

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.