Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 482

Power to stay or terminate winding up

(1) At any time during the winding up of a company, the Court may, on application, make an order staying the winding up either indefinitely or for a limited time or terminating the winding up on a day specified in the order. (1A) An application may be made by:

in any case—the liquidator, or a creditor or contributory, of the company; or

in the case of a company registered under the Life Insurance Act 1995 —APRA.

(2) On such an application, the Court may, before making an order, direct the liquidator to give a report with respect to a relevant fact or matter. (3) Where the Court has made an order terminating the winding up, the Court may give such directions as it thinks fit for the resumption of the management and control of the company by its officers, including directions for the convening of a general meeting of members of the company to elect directors of the company to take office upon the termination of the winding up. (4) The costs of proceedings before the Court under this section and the costs incurred in convening a meeting of members of the company in accordance with an order of the Court under this section, if the Court so directs, forms part of the costs, charges and expenses of the winding up. (5) Where an order is made under this section, the company must lodge an office copy of the order within 14 days after the making of the order.

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