Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 467

467. (1) Subject to subsection (2), on hearing a winding up application the
Court may:

   (a)  dismiss the application with or without costs;

   (b)  adjourn the hearing conditionally or unconditionally; or

   (c)  make any interim or other order that it thinks fit.

(2) The Court shall not refuse to make a winding up order merely because:

   (a)  the property of the company has been mortgaged to an amount equal to
        or greater than the value or amount of that property; or

   (b)  the company has no property.

(3) The Court may, on the application coming on for hearing or at any time at
the request of the applicant, the company or any person who has given notice
of intention to appear on the hearing of the application:

   (a)  direct that any notices be given or any steps be taken before or after
        the hearing of the application;

   (b)  dispense with any notices being given or steps being taken that are
        required by this Act, or by the rules, or by any prior order of the
        Court;

   (c)  direct that oral evidence be taken on the application or any matter
        relating to the application;

   (d)  direct a speedy hearing or trial of the application or of any issue or
        matter;

   (e)  allow the application to be amended or withdrawn; and

   (f)  give such directions as to the proceedings as the Court thinks fit.

(4) Where the application is made by members as contributories on the ground
that it is just and equitable that the company should be wound up or that the
directors have acted in a manner that appears to be unfair or unjust to other
members, the Court, if it is of the opinion that:

   (a)  the applicants are entitled to relief either by winding up the company
        or by some other means; and

   (b)  in the absence of any other remedy it would be just and equitable that
        the company should be wound up; shall make a winding up order unless
        it is also of the opinion that some other remedy is available to the
        applicants and that they are acting unreasonably in seeking to have
        the company wound up instead of pursuing that other remedy.

(5) Notwithstanding any rule of law to the contrary, the Court shall not
refuse to make an order for winding up on the application of a person referred
to in paragraph 462 (2) (c) on the ground that, if the order were made, no
property of the company would be available for distribution among the
contributories.

(6) Where the application is made on the ground of default in lodging the
statutory report or in holding the statutory meeting, the Court may, instead
of making a winding up order, direct that the statutory report be lodged or
that a meeting be called, and may order the costs to be paid by any persons
who, in the opinion of the Court, are responsible for the default.

(7) At any time after the filing of a winding up application and before a
winding up order has been made, the company or any creditor or contributory
may, where any action or other civil proceeding against the company is
pending, apply to the Court to stay or restrain further proceedings in the
action or proceeding, and the Court may stay or restrain the proceedings
accordingly on such terms as it thinks fit.