Companies Act 2014 section 579

Procedure for and commencement of members' voluntary winding up

Section 579 sets out how a members' voluntary winding up is initiated and the procedures that must be followed to commence the process.

• A company may be wound up voluntarily by its members through a members' voluntary winding up
• In most cases, the winding up must be commenced using the Summary Approval Procedure set out in Part 4, Chapter 7 of the Act
• An alternative procedure under section 580 is available where the company's constitution fixed a duration for the company and that period has expired
• The alternative procedure under section 580 is also available where an event specified in the company's constitution as triggering dissolution has occurred