THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4A - WINDING UP BY THE COURT ON OTHER GROUNDS

SECTION 462   STANDING TO APPLY FOR WINDING UP  

462(1)  [Winding up under sec 461]  

A reference in this section to an order to wind up a company is a reference to an order to wind up the company on a ground provided for by section 461.

462(2)  [Who may apply]  

Subject to this section, any one or more of the following may apply for an order to wind up a company:

(a)  the company; or

(b)  a creditor (including a contingent or prospective creditor) of the company; or

(c)  a contributory; or

(d)  the liquidator of the company; or

(e)  the Commission pursuant to section 464; or

(f)  the Commission (in the circumstances set out in subsection (2A)); or

(h)  APRA.

462(2A)  [Commission may apply for winding up]  

The Commission may apply for an order to wind up a company under paragraph (2)(f) only if:

(a)  the company has no members; and

(b)  the Commission has given the company at least 1 month's written notice of its intention to apply for the order.

462(3)  [APRA]  

A person being, or persons including, APRA may only apply for an order to wind up a company if:

(a)  an inspector has been appointed to make an investigation in respect of the company under section 52 of the Insurance Act 1973; and

(b)  the company's liabilities within the meaning of Part III of that Act exceed the company's assets within the meaning of that Part.

462(4)  [Application by contingent or prospective creditor]  

The Court shall not hear an application by a person being, or persons including, a contingent or prospective creditor of a company for an order to wind up the company unless and until:

(a)  such security for costs has been given as the Court thinks reasonable; and

(b)  a prima facie case for winding up the company has been established to the Court's satisfaction.

462(5)  [Entitlement to apply otherwise]  

Except as permitted by this section, a person is not entitled to apply for an order to wind up a company.




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