Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 462
Standing to apply for winding up
- (1)
- A reference in this section to an order to wind
up a company is a reference to an order to wind up the company on a ground
provided for by section 461.
- (2)
- Subject to this section, any one or more of the following may
apply for an order to wind up a company:
- (a)
- the company; or
- (b)
- a creditor (including a contingent or prospective creditor) of
the company; or
- (c)
- a contributory; or
- (d)
- the liquidator of the company; or
- (e)
- the Commission pursuant to section 464; or
- (f)
- the Commission (in the circumstances set out in subsection (2A));
or
- (h)
- APRA.
- (2A)
- The Commission may apply for an order
to wind up a company under paragraph (2)(f) only if:
- (a)
- the company has no members; and
- (b)
- the Commission has given the company at least 1 month's written
notice of its intention to apply for the order.
- (3)
- A person being, or persons including,
APRA 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.
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