Document ID: chunk:federal_register_of_legislation:C2025C00185:section:490
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 490
Character Range: 1786312–1787006

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 that is in the course of administering or managing one or more estates.
 (2) A person with a proper interest 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).