Commonwealth Consolidated Acts

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Who may apply for order under section 459A

  (1)   Any 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.

  (2)   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.

  (3)   The Court may give leave if satisfied that there is a prima facie case that the company is insolvent, but not otherwise.

  (4)   The Court may give leave subject to conditions.

  (5)   Except as permitted by this section, a person cannot apply for a company to be wound up in insolvency.

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