Section 552. Objection to striking off

(1) Where a notice of intention to strike off a company from the register is given under subsection 551(1), any person may, together with the payment of a prescribed fee, lodge with the Registrar, within thirty days from the date specified in the notice, an objection to the striking off of the company on any of the following grounds:

(a) that the company is still carrying on business or there is other reason for it to continue in existence;

(b) that the company is a party to legal proceedings;

(c) that the company is in receivership or liquidation, or both;

(d) that the person is a creditor or a member or a person who has an undischarged claim against the company;

(e) that the person believes that there exists, and intends to pursue, a right of action on behalf of the company under Division 6 of Part III; or

(f) that, for any other reason, it would not be just and equitable to remove the company from the register.

(2) For the purposes of paragraph (1)(d)—

(a) a claim by a creditor against a company is not an undischarged claim if—

(i) the claim has been paid in full; or

(ii) the claim has been paid in full or in part by a receiver or a liquidator in the course of a completed receivership or liquidation; or

(iii) a receiver or a liquidator has notified the creditor that the assets of the company are not sufficient to enable any payment to be made to the creditor; and

(b) a claim by a member or any other person against a company is not an undischarged claim if—

(i) payment has been made to the shareholder or that person in accordance with a right under the constitution or this Act to receive or share in the company’s surplus assets; or

(ii) a receiver or liquidator has notified the member or that person that the company has no surplus assets.

(3) The Registrar shall not proceed with the striking off unless the Registrar is satisfied that—

(a) the objection has been withdrawn;

(b) any facts on which the objection is based are not, or are no longer correct; or

(c) the objection is frivolous and vexatious.

(4) The Registrar shall send a notification to the objector and the company if he decides to suspend or to continue with the process of striking off the company.