Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


Presumptions to be made in certain proceedings

  (1)   This section has effect for the purposes of:

  (a)   an application under section   234, 459P, 462 or 464; or

  (b)   an application for leave to make an application under section   459P.

  (2)   The Court must presume that the company is insolvent if, during or after the 3 months ending on the day when the application was made:

  (a)   the company failed (as defined by section   459F) to comply with a statutory demand; or

  (b)   execution or other process issued on a judgment, decree or order of an Australian court in favour of a creditor of the company was returned wholly or partly unsatisfied; or

  (c)   a receiver, or receiver and manager, of property of the company was appointed under a power contained in an instrument relating to a circulating security interest in such property; or

  (d)   an order was made for the appointment of such a receiver, or receiver and manager, for the purpose of enforcing such a security interest; or

  (e)   a person entered into possession, or assumed control, of such property for such a purpose; or

  (f)   a person was appointed so to enter into possession or assume control (whether as agent for the secured party or for the company).

  (3)   A presumption for which this section provides operates except so far as the contrary is proved for the purposes of the application.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback