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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4 - WINDING UP IN INSOLVENCY  

Division 1 - When company to be wound up in insolvency  

SECTION 459C  PRESUMPTIONS TO BE MADE IN CERTAIN PROCEEDINGS  

459C(1)  

This section has effect for the purposes of:


(a) an application under section 234, 459P, 462 or 464; or


(b) an application for leave to make an application under section 459P.

459C(2)  

The Court must presume that the company is insolvent if, during or after the 3 months ending on the day when the application was made:


(a) the company failed (as defined by section 459F) to comply with a statutory demand; or


(b) execution or other process issued on a judgment, decree or order of an Australian court in favour of a creditor of the company was returned wholly or partly unsatisfied; or


(c) a receiver, or receiver and manager, of property of the company was appointed under a power contained in an instrument relating to a circulating security interest in such property; or
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(d) an order was made for the appointment of such a receiver, or receiver and manager, for the purpose of enforcing such a security interest; or
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(e) a person entered into possession, or assumed control, of such property for such a purpose; or


(f) a person was appointed so to enter into possession or assume control (whether as agent for the secured party or for the company).
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459C(3)  

A presumption for which this section provides operates except so far as the contrary is proved for the purposes of the application.

 



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