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CORPORATIONS ACT 2001 No. 50, 2001 - 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)
ASIC pursuant to section 464; or

(f)
ASIC (in the circumstances set out in subsection (2A)); or

(h)
APRA.

(2A) ASIC may apply for an order to wind up a company under paragraph (2)(f) only if:

(a)
the company has no members; and

(b)
ASIC 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 must 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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