Where a company seeks leave under s459S(2) to oppose a winding up application on grounds disputing the debt, but the company's own case is that it is solvent irrespective of whether the debt is owing, the materiality requirement in s459S(2) cannot be satisfied and leave must be refused. Conditions imposed under s459R(4) on extensions of time cannot have the effect of circumventing or overriding the specific regime in s459S(2). Applications under s459S should ordinarily be determined before the hearing of the winding up application, not deferred to the final hearing.
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