LWN801 Final: Insolvency-Exam-Notes
Document Summary
Compulsory winding up: ss 459a; 459p the applicants: s 459p. Grounds for winding up: ss 459a, 459b. Presumptions of insolvency: s 459c(2) statutory demands. Submission of report as to affairs of company. Delivery of company"s books, records and property to liquidator. A company/person is insolvent if it is unable to pay its debts, as and when they become due and payable: s 95a corporations act. As and when" means future events must be considered including possible contingent debts against the company and futures income from projects etcetera: bank of australia v. S 95a is only concerned with debts and not unliquidated claims for damages: box valley pty ltd v kidd (2006) 24. The failure by a creditor to formally demand payment does not prevent a debt from being due and payable: southern. Cross interiors pty ltd (in liq) v dct (2001)
