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 1 - When company to be wound up in insolvency  

SECTION 459C   PRESUMPTIONS TO BE MADE IN CERTAIN PROCEEDINGS  

459C(1)    
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)    
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 partly 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 circulating security interest in 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 security interest; 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 secured party or for the company).

459C(3)    
A presumption for which this section provides operates except so far as the contrary is proved for the purposes of the application.