Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p58
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 58/110)
Character Range: 299731–302520

company to be wound up.

"(2) The Court may only make an order if the Court thinks it appropriate to do so:

    (a)     because the application is not being proceeded with diligently enough; or

  (b)     for some other reason.

"(3) The substituted applicant may be, or the substituted applicants may be or include, the person who was the applicant, or any of the persons who were the applicants, before the substitution.

"(4) After an order is made, the application may proceed as if the substituted applicant or applicants had been the original applicant or applicants.

Applicant to be given notice of grounds for opposing application

"465C. On the hearing of an application under section 459P, 462 or 464, a person may not, without the leave of the Court, oppose the application unless, within the period prescribed by the rules, the person has filed, and served on the applicant:

     (a)     notice of the grounds on which the person opposes the application; and

   (b)     an affidavit verifying the matters stated in the notice.".

Court's powers on hearing application

  63. Section 467 of the Corporations Law is amended:

   (a)     by inserting in subsection (1) "and section 467A" after "(2)";

     (b)     by omitting from paragraph (1)(a) "costs;" and substituting "costs, even if a ground has been proved on which the Court may order the company to be wound up on the application; or";

     (c)     by omitting from subsection (5) "a person referred to in paragraph 462(2)(c)" and substituting "a contributory".

64. After section 467 of the Corporations Law the following sections are inserted:

Effect of defect or irregularity on application under Part 5.4 or 5.4A

"467A. An application under Part 5.4 or 5.4A must not be dismissed merely because of one or more of the following:

     (a)     in any case—a defect or irregularity in connection with the application;

     (b)     in the case of an application for a company to be wound up in insolvency—a defect in a statutory demand;

unless the Court is satisfied that substantial injustice has been caused that cannot otherwise be remedied (for example, by an adjournment or an order for costs).

Court may order winding up of company that is being wound up voluntarily

"467B. The Court may make an order under section 260, 459A, 459B or 461 even if the company is already being wound up voluntarily.".

Avoidance of dispositions of property, attachments etc.

65. Section 468 of the Corporations Law is amended by omitting paragraph (2)(a) and substituting the following paragraphs:

     "(a) a disposition made by the liquidator, or by a provisional liquidator, of the company pursuant to a power conferred on him or her by:

       (i) this Law; or,

      (ii) rules of the Court that appointed him