Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 461
General grounds on which company may be wound up by Court
- (1)
- The Court may order the winding up of a company
if:
- (a)
- the company has
by special resolution resolved that it be wound up by the Court;
- (c)
- the company does not commence business within one year from its
incorporation or suspends its business for a whole year;
- (d)
- the company has no members;
- (e)
- directors have acted in affairs of the company in their own
interests rather than in the interests of the members as a whole, or in any
other manner whatsoever that appears to be unfair or unjust to other
members;
- (f)
- affairs of the company are being conducted in a manner that is
oppressive or unfairly prejudicial to, or unfairly discriminatory against, a
member or members or in a manner that is contrary to the interests of the
members as a whole;
- (g)
- an act or omission, or a proposed act or omission, by or on
behalf of the company, or a resolution, or a proposed resolution, of a class
of members of the company, was or would be oppressive or unfairly prejudicial
to, or unfairly discriminatory against, a member or members or was or would be
contrary to the interests of the members as a whole;
- (h)
- the Commission has stated in a report prepared under Division 1
of Part 3 of the ASC Law that, in its opinion:
- (i)
- the
company cannot pay its debts and should be wound up; or
- (ii)
- it is in the interests of the public, of the members, or of the
creditors, that the company should be wound up;
- (j)
- if the
application was made by APRAthe Court is of opinion that it is in the
interests of the public, of the members or of the creditors that the company
should be wound up; or
- (k)
- the Court is of opinion that it is just and equitable that the
company be wound up.
- (2)
- A company must lodge a copy of a special
resolution referred to in paragraph (1)(a) with ASIC within 14 days after the
resolution is passed.
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