Corporations Act 2001

Subject to subsection (2) and section 467A, on hearing a winding up application the Court may:

dismiss the application with or without costs, even if a ground has been proved on which the Court may order the company to be wound up on the application; or

adjourn the hearing conditionally or unconditionally; or

make any interim or other order that it thinks fit.

The Court must not refuse to make a winding up order merely because:

the total amount secured by one or more security interests in the property of the company is equal to or greater than the value of the property subject to the interest (or interests); or

the company has no property.

The Court may, on the application coming on for hearing or at any time at the request of the applicant, the company or any person who has given notice of intention to appear on the hearing of the application:

direct that any notices be given or any steps be taken before or after the hearing of the application; and

dispense with any notices being given or steps being taken that are required by this Act, or by the rules of court, or by any prior order of the Court; and

direct that oral evidence be taken on the application or any matter relating to the application; and

direct a speedy hearing or trial of the application or of any issue or matter; and

allow the application to be amended or withdrawn; and

give such directions as to the proceedings as the Court thinks fit.

Where the application is made by members as contributories on the ground that it is just and equitable that the company should be wound up or that the directors have acted in a manner that appears to be unfair or unjust to other members, the Court, if it is of the opinion that:

the applicants are entitled to relief either by winding up the company or by some other means; and

in the absence of any other remedy it would be just and equitable that the company should be wound up;

Notwithstanding any rule of law to the contrary, the Court must not refuse to make an order for winding up on the application of a contributory on the ground that, if the order were made, no property of the company would be available for distribution among the contributories.

At any time after the filing of a winding up application and before a winding up order has been made, the company or any creditor or contributory may, where any action or other civil proceeding against the company is pending, apply to the Court to stay or restrain further proceedings in the action or proceeding, and the Court may stay or restrain the proceedings accordingly on such terms as it thinks fit.