Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Reserve Bank may apply under section 459P to the Court for an order that a body corporate be wound up in insolvency if:
(a) a condition in section 831A is satisfied in relation to a CS facility licensee; and
(b) the body corporate:
(i) is the CS facility licensee; or
(ii) is a related body corporate of the CS facility licensee and is incorporated in Australia; or
(iii) was a related body corporate of the CS facility licensee before a transfer of business or shares under this Part and is incorporated in Australia; and
(c) the Reserve Bank considers that the body corporate is insolvent and could not be restored to solvency within a reasonable period.
(2) If the Reserve Bank makes an application under section 459P, the Reserve Bank must inform ASIC of the application as soon as possible.