Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v International Unity Insurance (General) Limited [2004] FCA 1060
CORPORATIONS – foreign company – winding up – just and equitable – insolvency – where foreign company ceased carrying on business in Australia – whether foreign company ceases to be a Part 5.7 body when it no longer carries on business in Australia.
Corporations Act 2001 (Cth) Pt 5B.2, Pt 5.7, ss 583, 585
Australian Securities and Investments Commission v International Unity Insurance Pty Ltd ACN 085 026 348 [2004] FCA 1059 cited AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v INTERNATIONAL UNITY INSURANCE (GENERAL) LIMITED (a company incorporated in accordance with the laws of the Solomon Islands) VG 242 of 2004 LANDER J 19 AUGUST 2004 ADELAIDE (HEARD IN MELBOURNE)
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIAN DISTRICT REGISTRY VG 242 OF 2004
IN THE MATTER OF INTERNATIONAL UNITY INSURANCE (GENERAL) LIMITED (A COMPANY INCORPORATED IN ACCORDANCE WITH THE LAWS OF THE SOLOMON ISLANDS)
BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
PLAINTIFF
AND: INTERNATIONAL UNITY INSURANCE (GENERAL) LIMITED (a company incorporated in accordance with the laws of the Solomon Islands)
DEFENDANT
JUDGE: LANDER J
DATE OF ORDER: 2 JUNE 2004
WHERE MADE: ADELAIDE (HEARD IN MELBOURNE)
THE COURT ORDERS THAT: 1. The defendant, International Unity Insurance (General) Limited, being a Part 5.7 body which is unable to pay its debts and has ceased to carry on business in the jurisdiction be wound up pursuant to sub-section 583(c)(i) and under sub-section 583(c)(ii) of the Corporations Act 2001. 2. Paul A Pattison, of Level 14, 461 Bourke Street, Melbourne, be appointed as liquidator of the defendant. 3. The plaintiff's costs, including reserved costs, be taxed and be reimbursed out of the property of the defendant in accordance with section 466(2) of the Corporations Act 2001. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
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