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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History

Heading substituted by No 210 of 1992, s 57 (effective 23 June 1993).

CCH Note: See s 1382-1383.

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

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Heading inserted by No 210 of 1992, s 57 (effective 23 June 1993).

CCH Note: See s 1382-1383.

SECTION 459S   COMPANY MAY NOT OPPOSE APPLICATION ON CERTAIN GROUNDS  

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459S(1)  [Demand may not ground opposition]  

In so far as an application for a company to be wound up in insolvency relies on a failure by the company to comply with a statutory demand, the company may not, without the leave of the Court, oppose the application on a ground:

(a)  that the company relied on for the purposes of an application by it for the demand to be set aside; or

(b)  that the company could have so relied on, but did not so rely on (whether it made such an application or not).

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S 459S(1) inserted by No 210 of 1992, s 57 (effective 23 June 1993).

CCH Note: see s 1382-1383.

459S(2)  [Ground material to solvency]  

The Court is not to grant leave under subsection (1) unless it is satisfied that the ground is material to proving that the company is solvent.

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History

S 459S(2) inserted by No 210 of 1992, s 57 (effective 23 June 1993).

CCH Note: see s 1382-1383.

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