Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.5 - VOLUNTARY WINDING UP  

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

Division 1 - Resolution for winding up  

SECTION 490   WHEN COMPANY CANNOT WIND UP VOLUNTARILY  

490(1)    
Except with the leave of the Court, a company cannot resolve that it be wound up voluntarily if:

(a)    an application for the company to be wound up in insolvency has been filed; or

(b)    the Court has ordered that the company be wound up in insolvency, whether or not the order was made on such an application; or

(c)    

the company is a trustee company that is in the course of administering or managing one or more estates.

490(2)    

A person with a proper interest in the estate referred to in paragraph (1)(c) , or who has any claim in respect of the estate, is entitled to be heard in a proceeding before the Court for leave under subsection (1) .