Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p57
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 57/110)
Character Range: 297290–299965

so relied on, but did not so rely on (whether it made such an application or not).

"(2) The Court is not to grant leave under subsection (1) unless it is satisfied that the ground is material to proving that the company is solvent.

Application to wind up joint debtors in insolvency

"459T.(1) A single application may be made for 2 or more companies to be wound up in insolvency if they are joint debtors, whether partners or not.

"(2) On such an application, the Court may order that one or more of the companies be wound up in insolvency, even if it dismisses the application in so far as it relates to another or others.

               "PART 5.4A—WINDING UP BY THE COURT ON OTHER GROUNDS".

Repeal of section 460

  58. Section 460 of the Corporations Law is repealed.

General grounds on which company may be wound up by Court

59. Section 461 of the Corporations Law is amended by inserting in paragraph (d) "or of a recognised company" after "another company".

Standing to apply for winding up

  60. Section 462 of the Corporations Law is amended:

   (a) by inserting before subsection (2) the following subsection:

     "(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.";

    (b)    by omitting from subsection (2) "on a ground provided for by subsection 460(1) or section 461";

    (c)     by omitting from paragraph (2)(e) "or 453;" and substituting "; or";

  (d)    by omitting paragraphs (2)(f) and (g).

Repeal of section 463

  61.     Section 463 of the Corporations Law is repealed.

62.     Section 465 of the Corporations Law is repealed and the following headings and sections are substituted:

                  "PART 5.4B—WINDING UP IN INSOLVENCY OR BY THE COURT

"Division 1—General

Notice of application

"465A. A person who applies under section 459P, 462 or 464 for a company to be wound up must:

    (a)     lodge notice in the prescribed form that the application has been made; and

    (b)     within 14 days after the application is made, serve a copy of it on the company; and

  (c)     advertise the application as prescribed by the rules.

Substitution of applicants

"465B.(1) The Court may by order substitute, as applicant or applicants in an application under section 459P, 462 or 464 for a company to be wound up, a person or persons who might otherwise have so applied for the 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)