Commentary on the Sections: Part 1 Termination: voluntary winding-up Section 45: 80 per cent agreement
98.Section 45 provides for the liquidator to make an application to a court to determine the terms upon which a termination application may be made and also the terms of the termination statement which must accompany the application, in the event that a vote of between 80% and 100% is achieved in favour of winding-up and termination statement resolutions.  The liquidator must make the application to the court within a period, prescribed by regulations, from the date of the passing of the winding-up resolution, and must make the termination application within 3 months of the court order.  Should the liquidator fail to do so, the application may be made by a unit-holder or some other prescribed person.