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CORPORATIONS ACT 2001 - SECT 459C

Presumptions to be made in certain proceedings

             (1)  This section has effect for the purposes of:

                     (a)  an application under section 234, 459P, 462 or 464; or

                     (b)  an application for leave to make an application under section 459P.

             (2)  The Court must presume that the company is insolvent if, during or after the 3 months ending on the day when the application was made:

                     (a)  the company failed (as defined by section 459F) to comply with a statutory demand; or

                     (b)  execution or other process issued on a judgment, decree or order of an Australian court in favour of a creditor of the company was returned wholly or partly unsatisfied; or

                     (c)  a receiver, or receiver and manager, of property of the company was appointed under a power contained in an instrument relating to a circulating security interest in such property; or

                     (d)  an order was made for the appointment of such a receiver, or receiver and manager, for the purpose of enforcing such a security interest; or

                     (e)  a person entered into possession, or assumed control, of such property for such a purpose; or

                      (f)  a person was appointed so to enter into possession or assume control (whether as agent for the secured party or for the company).

             (3)  A presumption for which this section provides operates except so far as the contrary is proved for the purposes of the application.



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