THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 1 - Resolution for winding up

SECTION 490   WHEN COMPANY CANNOT WIND UP VOLUNTARILY  

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490    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.

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