Under s 467(4) of the Corporations Act 2001 (Cth), winding up of a solvent company is to be regarded as a remedy of last resort, not merely an 'extreme step', and ought not to be granted if some other less drastic form of relief is available and appropriate. Section 467(4) constrains the discretion under s 233 and cannot be avoided by a court declaring it is exercising only the s 233 discretion. The reasonableness of an applicant's preference for winding up is assessed by reference to whether the alternative remedy would adequately redress the consequences of the relevant events and circumstances, including practical considerations such as the respondent's ability to comply with a buy-out order.
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