Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 459S

(1)

In so far as an application for a company to be wound up in insolvency relies on a failure by the company to comply with a statutory demand, the company may not, without the leave of the Court, oppose the application on a ground:

(a)

that the company relied on for the purposes of an application by it for the demand to be set aside; or

(b)

that the company could have so relied on, but did not so rely on (whether it made such an application or not).

(2)

The Court is not to grant leave under subsection (1) unless it is satisfied that the ground is material to proving that the company is solvent.