Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 462

462. (1) Any one or more of the following may apply for an order to wind up a
company on the ground provided for by subsection 459 (1):

   (a)  the Commission;

   (b)  the Minister;

   (c)  a Minister of a State who is administering provisions of the company
        law of that State;

   (d)  the company.

(2) Subject to this section, any one or more of the following may apply for an
order to wind up a company on a ground provided for by subsection 460 (1) or
section 461:

   (a)  the company;

   (b)  a creditor (including a contingent or prospective creditor) of the
        company;

   (c)  a contributory;

   (d)  the liquidator of the company;

   (e)  the Commission pursuant to section 464 or 453;

   (f)  an official manager of the company appointed under Part 5.3;

   (g)  a person (other than the Commission) who has been granted leave under
        section 453; or

   (h)  the Insurance and Superannuation Commissioner appointed under the
        Insurance and Superannuation Commissioner Act 1987.

(3) A person being, or persons including, the Insurance and Superannuation
Commissioner may only apply for an order to wind up a company if:

   (a)  an inspector has been appointed to make an investigation in respect of
        the company under section 52 of the Insurance Act 1973; and

   (b)  the company's liabilities within the meaning of Part III of that Act
        exceed the company's assets within the meaning of that Part.

(4) The Court shall not hear an application by a person being, or persons
including, a contingent or prospective creditor of a company for an order to
wind up the company unless and until:

   (a)  such security for costs has been given as the Court thinks reasonable;
        and

   (b)  a prima facie case for winding up the company has been established to
        the Court's satisfaction.

(5) Except as permitted by this section, a person is not entitled to apply for
an order to wind up a company.