Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 460

460. (1) The Court may order the winding up of a company that is unable to pay
its debts.

(2) For the purposes of an application that is made in relation to a company
on the ground provided for by subsection (1), the company shall be deemed to
be unable to pay its debts if:

   (a)  a creditor by assignment or otherwise to whom the company is indebted
        in a sum exceeding $1,000 then due has served on the company a demand,
        signed by or on behalf of the creditor, requiring the company to pay
        the sum so due and the company has, for 3 weeks after the service of
        the demand, failed to pay the sum or to secure or compound for it to
        the reasonable satisfaction of the creditor;

   (b)  execution or other process issued on a judgment, decree or order of
        any court in favour of a creditor of the company is returned
        unsatisfied in whole or in part; or

   (c)  the Court, after taking into account any contingent and prospective
        liabilities of the company, is satisfied that the company is unable to
        pay its debts.