Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 459P

(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)

the Commission;

(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)

the Commission.

(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.