THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4 - WINDING UP IN INSOLVENCY

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Division 4 - Application for order to wind up company in insolvency

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SECTION 459P WHO MAY APPLY FOR ORDER UNDER SECTION 459A

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459P(1) (Applicants of right)

Any one or more of the following may apply to the Court for a company to be wound up in insolvency:

(a) the company;

(b) a creditor (even if the creditor is a secured creditor or is only a contingent or prospective creditor);

(c) a contributory;

(d) a director;

(e) a liquidator or provisional liquidator of the company;

(f) the Commission;

(g) a prescribed agency.

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459P(2) (Applicants with leave of Court)

An application by any of the following, or by persons including any of the following, may only be made with the leave of the Court:

(a) a person who is a creditor only because of a contingent or prospective debt;

(b) a contributory;

(c) a director;

(d) the Commission.

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459P(3) (Company insolvent)

The Court may give leave if satisfied that there is a prima facie case that the company is insolvent, but not otherwise.

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459P(4) (Leave subject to conditions)

The Court may give leave subject to conditions.

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459P(5) (No other way to apply for winding up in insolvency)

Except as permitted by this section, a person cannot apply for a company to be wound up in insolvency.

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