Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 1 - General

SECTION 465B SUBSTITUTION OF APPLICANTS

465B(1) [ Substitution of person who could have applied]

The Court may by order substitute, as applicant or applicants in an application under section 459P, 462 or 464 for a company to be wound up, a person or persons who might otherwise have so applied for the company to be wound up.

465B(2) [ Grounds for substitution]

The Court may only make an order if the Court thinks it appropriate to do so:

(a) because the application is not being proceeded with diligently enough; or

(b) for some other reason.

465B(3) [ Substituted applicant may be original applicant]

The substituted applicant may be, or the substituted applicants may be or include, the person who was the applicant, or any of the persons who were the applicants, before the substitution.

465B(4) [ Substituted applicant to proceed as original applicant]

After an order is made, the application may proceed as if the substituted applicant or applicants had been the original applicant or applicants.

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