Lechmere Financial Corporation v Aspermont Limited [2003] FCA 1138

FEDERAL COURT OF AUSTRALIA

Lechmere Financial Corporation v Aspermont Limited [2003] FCA 1138 CORPORATIONS – insolvency – application to wind up company in insolvency – non-compliance with statutory demands – presumption of insolvency arising therefrom – whether company discharged onus of demonstrating solvency – whether discretion of Court should be exercised to decline to order winding up

Corporations Act 2001 (Cth) ss 95A, 459A, 459C(2)(a), 459F(1), 459G, 459H, 459J, 459K, 459P, 459P(1), 459S, 467(1) Ace Contractors & Staff Pty Ltd v Westgarth Development Pty Ltd [1999] FCA 728 approved Argyll Park Thoroughbreds Pty Ltd v Glen Pacific Pty Ltd (1993) 11 ACSR 1 cited Commonwealth Bank of Australia v Begonia (1993) 11 ACLC 1075 applied Commonwealth of Australia v SCI Operations Pty Ltd (1998) 192 CLR 285 cited Eagle v The New Zealand School of Advertising, Marketing and Public Relations Limited (1989) 4 NZCLC 64,844 considered Expile Pty Ltd v Jabb's Excavations Pty Ltd (2003) 45 ACSR 711 applied Hungerfords v Walker (1989) 171 CLR 125 cited Jones v Dunkel (1959) 101 CLR 298 applied Lee Kong v Pilkington (Australia) Ltd (1997) 25 ACSR 103 applied London, Chatham & Dover Railway Co v South Eastern Railway Co [1893] AC 429 cited National Australia Bank Ltd v Budget Stationery Supplies Pty Ltd (unreported, NSWCA, Mason P, Handley and Sheller JJA, 23 April 1997, BC 9701417) cited President of India v La Pintada Compama Navigacion SA [1985] AC 104 cited Re Bond Corporation Holdings Ltd (1990) 1 WAR 465 followed Re National Computer Systems & Services Ltd (1991) 6 ACSR 133 cited Re Presha Engineering (Aust) Pty Ltd (1983) 1 ACLC 675 considered Switz Pty Ltd v Glowbind Pty Ltd (2000) 18 ACLC 343 approved LECHMERE FINANCIAL CORPORATION v ASPERMONT LIMITED W3003 of 2003 RD NICHOLSON J 20 OCTOBER 2003 PERTH