ARTICLE · 19 NOVEMBER 2015

Getting your company out of liquidation

Cooper Grace Ward

Contributor

Cooper Grace Ward

Cooper Grace Ward was established in 1980 and has quickly become one of the largest independent...

View firm profile

Explore more from Cooper Grace Ward

A shareholder may be able to have a Court-ordered winding up terminated under section 482 of the Corporations Act 2001.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Author LinkedIn connections

Where a court has ordered the winding-up of a company, a shareholder may be able to have the winding up terminated under section 482 of the Corporations Act 2001.

Relevant factors

The power of the court to terminate a winding-up is discretionary. Relevant factors to be considered, which are not exhaustive, include the following:

The applicant has the onus of establishing the termination is appropriate, even where the liquidator does not oppose or consents to the application.
Notice of the application must be served on all shareholders, directors and creditors of the company. Notice must also be given to the liquidator and to ASIC.
The nature and extent of creditors (both existing and future) must be shown and the material must disclose whether all debts have been or will be paid.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

How Old Are Companies When They Fail?

AustraliaInsolvency/Bankruptcy/Re-Structuring

Cathro & Partners

A Fresh Start After Bankruptcy: Why Ongoing Cooperation Matters

AustraliaInsolvency/Bankruptcy/Re-Structuring

Cathro & Partners

Deeds Of Company Arrangement: A Practical Guide To DOCAs

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Can You Access Super To Pay Off Debt?

AustraliaInsolvency/Bankruptcy/Re-Structuring

Winding Up Application: What Happens And How To Stop Them

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Restructuring & Insolvency

See more popular content from

Insolvency/Bankruptcy/Re-StructuringCooper Grace Ward

Voluntary Administration In Australia

Voluntary Administration under Part 5.3A of the Corporations Act 2001 offers Australian companies a formal insolvency process where an independent liquidator investigates whether the business can be preserved. During this process, most unsecured claims are stayed while creditors, employees, and secured parties navigate distinct rights and exceptions. Understanding the strategic timing for directors, the decision-making power of creditors, and the specific protections available to employees proves critical t

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Trust Structures And Asset Protection During Bankruptcy

Trust structures can protect assets held for others, but they do not shield a bankrupt person's own entitlements, trustee indemnity rights, or transfers made to defeat creditors. The deed, financial records and transaction history determine whether trust property remains outside the bankruptcy estate or becomes available to creditors through beneficial interests, indemnity claims, or voidable transaction recovery.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

How Much Income Can A Bankrupt Earn?

Under Australia's bankruptcy system, there is no limit on how much income a bankrupt person can earn, though they may be required to make compulsory contributions if their after-tax income exceeds statutory thresholds. This article examines how income contribution calculations work, what thresholds apply based on the number of dependants, and why the system balances creditor interests with maintaining a reasonable standard of living for bankrupt individuals.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Clawback Risks In Bankruptcy Explained

Bankruptcy trustees can challenge pre-bankruptcy transactions under sections 120, 121, and 122 of the Bankruptcy Act 1966, targeting undervalued transfers, creditor-defeating arrangements, and preferential payments. Understanding the statutory tests, timing rules, and evidentiary requirements is essential for recipients facing clawback demands, as market value alone does not guarantee protection and poor documentation can prove decisive.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Bankruptcy Restrictions And Breach Consequences

An undischarged bankrupt faces strict legal obligations including cooperating with trustees, disclosing all property and financial changes, and obtaining consent before international travel. What are the criminal penalties for breaching these restrictions, and how can early disclosure and proper legal advice help navigate trustee negotiations more effectively than denial or delay?

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Winding Up Application: What Happens And How To Stop Them

A winding up application seeks a court order placing a company into liquidation. An unanswered statutory demand commonly creates the presumption of insolvency used to support it. The ordinary demand period is 21 days, and the current statutory minimum is $4,000. A company challenging the demand must apply, file its supporting affidavit and serve both documents within the statutory deadline.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Sequestration Order And Bankruptcy Notices Explained

When a creditor seeks to make an individual bankrupt through a sequestration order, the process involves strict statutory requirements including judgment thresholds, bankruptcy notices, and court scrutiny. Understanding the procedural steps, potential defects, and strategic alternatives is essential for both creditors pursuing debt recovery and debtors facing insolvency proceedings.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Recovering Company Debts Using Statutory Demands

A statutory demand is one of the fastest and most powerful tools for recovering undisputed debts from Australian companies, engaging insolvency provisions that give debtors just 21 days to respond. While it creates significant commercial pressure that often leads to payment or negotiated resolution, it must be used carefully for genuinely undisputed debts to avoid being set aside and incurring adverse costs.

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Small Business Restructuring In Australia

Small business restructuring under Part 5.3B of the Corporations Act 2001 offers eligible insolvent companies with liabilities under $1 million a streamlined path to propose creditor compromises...

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Bankruptcy Restrictions In Australia

Bankruptcy restrictions in Australia govern what undischarged bankrupts can and cannot do during the typical three-year bankruptcy period. While most people can continue working and earning income, they must obtain written trustee consent before overseas travel, disclose bankruptcy for transactions above the indexed threshold, and refrain from managing corporations without court leave. Understanding these restrictions—from employment and business operations to credit disclosure and asset dealings̵

AustraliaInsolvency/Bankruptcy/Re-Structuring

Stonegate Legal

Is getting divorced all I need to do?

To finalise your separation with your husband or wife, you generally need to consider more than just obtaining a divorce.

AustraliaFamily and Matrimonial

Cooper Grace Ward

Changes to the Retail Shop Leases Act: what it means for landlords and tenants

Landlords, tenants and centre managers should assess how their obligations will be affected, to revise their procedures.

AustraliaReal Estate and Construction

Cooper Grace Ward

It Depends – Can A Limited Recourse Borrowing Trust Acquire More Than One Asset? (Video)

Under Australian superannuation law, limited recourse borrowing arrangements typically require separate bare trusts for each asset acquired by an SMSF. However, certain exceptions allow multiple assets to be held in a single bare trust, including identical assets purchased simultaneously, permanent fixtures spanning multiple titles, and assets legally required to be dealt with together. Understanding these nuanced rules is critical to avoid serious compliance, tax, and duty implications.

AustraliaWealth Management

Cooper Grace Ward

Who, What, Where With Phil Vickery (Video)

Partner Phil Vickery shares insights into his career journey at Cooper Grace Ward Lawyers, revealing what drives his passion for legal practice and what alternative path he might have pursued outside the legal profession.

AustraliaLaw Practice Management

Cooper Grace Ward

National Safe Work Month – For Life – Why WHS Matters (Video)

October is National Safe Work Month, and Cooper Grace Ward's workplace relations and safety team explores why work health and safety matters for every business. Special counsel Gemma Sharp examines the legal duties of PCBUs and officers to protect workers from both physical and psychosocial hazards, emphasizing that safety must be woven into the fabric of business operations rather than treated as an afterthought.

AustraliaEmployment and HR

Cooper Grace Ward

Podcast: Inside The Claim With CGW – Flight Risk: Grounded By A Galley Cart

Cooper Grace Ward's Damien Jarrett and Jess Byrne examine Hunter v Alliance Airlines Pty Ltd, a Supreme Court workers' compensation case involving a cabin crew member's back injury from a jammed galley cart. The discussion explores how the case evolved from maintenance and staffing allegations into a training dispute, and examines the court's approach to quantum arguments when the injured worker chose to pursue her own business rather than return to employment.

AustraliaEmployment and HR

Cooper Grace Ward

It Depends – Common Mistakes Enduring Attorneys Make (Video)

Enduring attorneys often make critical mistakes that can invalidate powers of attorney or create legal complications when managing someone else's affairs. From poor record-keeping and intermingling finances to failing to seek professional advice on complex decisions, these errors can have serious consequences for both the attorney and the person they represent.

AustraliaFamily and Matrimonial

Cooper Grace Ward

Podcast: Coffee With CGW – Get To Know Jess Byrne

Special counsel Jess Byrne reflects on her decade-long career progression at Cooper Grace Ward, from law clerk to her current role in the insurance team. She discusses her work in workers' compensation and CTP matters, highlighting the diverse client base and advocacy opportunities that define her practice.

AustraliaInsurance

Cooper Grace Ward

Minimum Wage To Increase To $1,004.90 Per Week From 1 July 2026

From 1 July 2026, Australia's national minimum wage will increase by 6% to $1,004.90 per week, while modern award minimum rates will rise by 4.75%. The Fair Work Commission has also announced the phasing out of the C13 classification level, requiring employers to review employment contracts and payroll systems to ensure compliance with the Fair Work Act 2009.

AustraliaEmployment and HR

Cooper Grace Ward

First Right To Disconnect Rulings Clarify The Bar For A Contravention Of The Right To Disconnect Laws

In the first substantive rulings on Australia's right to disconnect laws, the South Australian Employment Tribunal has determined that an Adelaide hairdressing salon did not breach its apprentices' rights despite sending frequent out-of-hours messages via TikTok and Snapchat. The Tribunal drew a critical distinction between unwelcome communication and actually preventing employees from disconnecting, establishing that subjective pressure without demonstrable consequences does not constitute a breach.

AustraliaEmployment and HR

Cooper Grace Ward