JSB171 Lecture Notes - Lecture 1: Consideration, Fiduciary, Pari Passu
Document Summary
Process whereby : affairs are wound up, property sold & distributed. Surplus to members: deregistration of the company. Two types : compulsory winding up (by court) due to: Other grounds (part 5. 4a): see s461k ca: voluntary winding up by: On an application under section 459p, the court may order that an insolvent company be wound up in insolvency. May also wind up where no members | oppression | asic investigation etc: s459b [ remedies] Only (s459p(5)) the following people apply under s459a (s459p): Creditor secured, contingent or prospective: s459p(1)(b: contingent or prospective must get leave of court: s459p(2)(a) Contingent creditor = payment only due on a particular event happening. Prospective creditor = debt due but not immediately payable. Current or past member who must contribute funds to the company where it is wound up; or. Or person alleged to be a member or shareholder: require leave of court: s459p(2)(b)
