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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.5 - VOLUNTARY WINDING UP    View history reference

Division 1 - Resolution for winding up  

SECTION 490  WHEN COMPANY CANNOT WIND UP VOLUNTARILY  

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490(1)  [Circumstances]  


Except with the leave of the Court, a company cannot resolve that it be wound up voluntarily if:


(a) an application for the company to be wound up in insolvency has been filed; or


(b) the Court has ordered that the company be wound up in insolvency, whether or not the order was made on such an application; or


(c) the company is a trustee company (within the meaning of Chapter 5D) that is in the course of administering or managing one or more estates.
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490(2)  [Standing to be heard]  

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A person with a proper interest (within the meaning of Chapter 5D) in the estate referred to in paragraph (1)(c), or who has any claim in respect of the estate, is entitled to be heard in a proceeding before the Court for leave under subsection (1).


 



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