Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 490

When company cannot wind up voluntarily

             (1)   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.

             (2)  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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