312. Limitation on right to wind up voluntarily

Question 1

312. Limitation on right to wind up voluntarily

Answer 1

General overview
[312.01] Usually, it happens that whilst a company is under voluntary winding up, a creditor(s) may present a winding up application to the court under s 254(1)(e). Section 312 provides that where an application has been made to the court to wind up a company for its inability to pay its debts, the company cannot without the leave of the court, resolve that it be wound up voluntarily.