De Groot and Sydney Dive Centre Pty Limited (ACN 109 900 898), in the matter of AFIYF Pty Limited (in Liq) (ACN 074 864 805) [2006] FCA 159

FEDERAL COURT OF AUSTRALIA

De Groot and Sydney Dive Centre Pty Limited (ACN 109 900 898), in the matter of AFIYF Pty Limited (in Liq) (ACN 074 864 805) [2006] FCA 159

CORPORATIONS – insolvency – application for termination of winding up order Anderson v Palmer [2002] NSWSC 192 cited Brolrik Pty Ltd v Sambah Holdings Pty Ltd (2001) 40 ACSR 361followed Deputy Commissioner of Taxation, in the matter of Northview Developments Pty Limited (in liq) (ACN 092 804 254) v Northview Developments Pty Limited (in liq) (ACN 092 804 254) [2005] FCA 1825cited

IN THE MATTER OF AFIYF PTY LIMITED (IN LIQUIDATION) ACN 074 864 805;

PETER RUSSELL DE GROOT AND SYDNEY DIVE CENTRE PTY LIMITED ACN 109 900 898

NSD 340 OF 2006

GYLES J

24 FEBRUARY 2006

SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 340 OF 2006

IN THE MATTER OF AFIYF PTY LIMITED (IN LIQUIDATION)

ACN 074 864 805

PETER RUSSELL DE GROOT

FIRST PLAINTIFF

SYDNEY DIVE CENTRE PTY LIMITED ACN 109 900 898

SECOND PLAINTIFF

JUDGE: GYLES J

DATE OF ORDER: 24 FEBRUARY 2006

WHERE MADE: SYDNEY

UPON THE UNDERTAKING OF SYDNEY DIVE CENTRE PTY LTD, PATRICIA JOY DE GROOT AND PETER RUSSELL DE GROOT: 1. That each of them personally guarantee the payment of all creditors of the Corporation as at 10 January 2006 except each other.

2. That in the event of the winding up of the Corporation each of them will make no claim in respect of the loan accounts they currently hold with the Corporation in priority to any other unsecured claims of the Corporation at the time except themselves.

3. That they will not make demand for, nor sue for or in any way seek to recover any part of the debt owing to them by the Corporation or interest in future accruing thereon unless either upon a winding up of the Corporation and subject to undertaking 2 above or in any other circumstances unless upon such repayment: