Section 482 of the Corporations Act 2001 (Cth) does not apply to applications for a stay of a winding up order pending appeal; such applications are governed by the Supreme Court Rules (Pt 44 r 5 and Pt 51 r 15). Directors seeking leave under s 471A(1A)(d) to pursue an appeal against a winding up order need not prove solvency if they offer undertakings that adequately protect the resources of the company in liquidation, including undertakings that costs will not be borne by the company and that there will be no recourse to company assets unless the winding up ends.
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