A Winding-Up Order can be issued after 21 days have after the 459E Notice was served, and must be lodged with the Court within 3 months of service of the 459E Notice. Please note this page is general information only and does not constitute legal advice. You should contact us to discuss your specific circumstances so we can help you effectively collect your debt.
A Winding-Up Order can be applied for after a company has failed to comply with a 459E notice. The Winding-Up Order must comply with the Court Rules and we engage a lawyer to perform this process to ensure it is done correctly. Owing to the cost of the filing fee, $3,320 (as at October 2014), it is not something you want to get wrong. A liquidator should be consulted and agreeable to act before the Winding-Up Order is lodged.
Once a Winding-Up Order has been lodged ASIC must be immediately notified. The Winding-Up Order and associated documentation must be served on the company within 14 days of filing the Winding-Up Order and not less than 5 days prior to the first court date. On the day of theC hearing, if the court is satisfied the conditions for winding-up a company are met, an Order is granted. With the order granted, ASIC and the liquidator must be immediately notified. The liquidator is then responsible for the companies affairs.
The above article does not constitute legal advice and is only intended to be used as a guide to how Bankruptcy can be used to collect debts.