Canadian Solar v ACN 138 535 832 Pty Ltd, In the Matter of ACN 138 535 832 Pty Ltd (Subject to a Deed of Company Arrangement) [2014] FCA 783

FEDERAL COURT OF AUSTRALIA

Canadian Solar v ACN 138 535 832 Pty Ltd, In the Matter of ACN 138 535 832 Pty Ltd (Subject to a Deed of Company Arrangement) [2014] FCA 783 Citation: Canadian Solar v ACN 138 535 832 Pty Ltd, In the Matter of ACN 138 535 832 Pty Ltd (Subject to a Deed of Company Arrangement) [2014] FCA 783

Parties: CANADIAN SOLAR (AUSTRALIA) PTY LIMITED v ACN 138 535 832 PTY LIMITED (SUBJECT TO A DEED OF COMPANY ARRANGEMENT) (FORMERLY KNOWN AS REDSET GROUP PTY LTD), LUKE TARGETT AND ROBERT MICHAEL SCALES AS ADMINISTRATORS OF ACN 138 535 832 PTY LIMITED (SUBJECT TO A DEED OF COMPANY ARRANGEMENT) and ROSS BRENDAN YOUNG

File number: NSD 2461 of 2013

Judge: PERRY J

Date of judgment: 29 July 2014

Catchwords: CORPORATIONS – Deed of Company Arrangement (DOCA) terminated by the Court under s 445D of the Corporations Act 2001 (Cth) – Consent of parties to termination of DOCA relevant but not determinative – Where contraventions of the DOCA established – Loss of opportunity to investigate and pursue potentially voidable transactions – Where evidence of secret deals with some creditors to obtain approval of the DOCA – Whether Court should appoint liquidators – Where doubt exists over validity of appointment of voluntary liquidators – Factors relevant to determining who Court should appoint as liquidator – Whether conflict of interest by reason of potential appointees' interest in recovering professional fees – Termination of voluntary winding up

Legislation: Corporations Act 2001 (Cth), Part 5.3A, ss 439A, 444A, 444D 444E, 445D, 446B, 447A, 449C, 459P, 482, 491, 513A, 588FF, 588FE, 600A Corporations Regulations 2001 (Cth), r 5.3A.07 Evidence Act 1995 (Cth), s 136