Corporations Act 2001
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
View history note
Hide history noteAny 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) ASIC;
(g) a prescribed agency. 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) ASIC. 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.
459P(4) [ Leave subject to conditions]The Court may give leave subject to conditions.
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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