Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

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

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

SECTION 462   STANDING TO APPLY FOR WINDING UP  

462(1)   [ Interpretation]  

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) ASIC pursuant to section 464; or

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

(h) APRA.

462(2A)   [ When ASIC may apply]  

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

(a) the company has no members; and

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

462(3)    
(Repealed by No 105 of 2008, s 3, Sch 3, Pt 2 [ 30] (effective 18 October 2008).)

462(4)   [ When contingent or prospective creditor may apply]  

The Court must 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.