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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4 - WINDING UP IN INSOLVENCY  

Division 4 - Application for order to wind up company in insolvency  

SECTION 459P  WHO MAY APPLY FOR ORDER UNDER SECTION 459A  

459P(1)  [Applications of right]  


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) ASIC;


(g) a prescribed agency.

459P(2)  [Applicants with leave of Court]  


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) ASIC.

459P(3)  [Company insolvent]  


The Court may give leave if satisfied that there is a prima facie case that the company is insolvent, but not otherwise.

459P(4)  [Leave subject to conditions]  


The Court may give leave subject to conditions.

459P(5)  [No other way to apply for winding up in insolvency]  


Except as permitted by this section, a person cannot apply for a company to be wound up in insolvency.

 



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