THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

 View history note

SECTION 462   STANDING TO APPLY FOR WINDING UP  

View history reference

462(1)  [Winding up under sec 461]  

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.

 View history note

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

View history reference

(b)  a creditor (including a contingent or prospective creditor) of the company; or

View history reference

(c)  a contributory; or

View history reference

(d)  the liquidator of the company; or

View history reference

(e)  the Commission pursuant to section 464; or

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

View history reference

(h)  APRA.

 View history note

462(2A)  [Commission may apply for winding up]  
View history reference

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

(a)  the company has no members; and

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

 View history note

462(3)  [APRA]  

A person being, or persons including, APRA may only apply for an order to wind up a company if:

(a)  an inspector has been appointed to make an investigation in respect of the company under section 52 of the Insurance Act 1973; and

(b)  the company's liabilities within the meaning of Part III of that Act exceed the company's assets within the meaning of that Part.

 View history note

462(4)  [Application by contingent or prospective creditor]  

The Court shall 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.

 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.