Australian Securities and Investments Commission v Diploma Group Limited (No 4) [2017] FCA 1107

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Diploma Group Limited (No 4) [2017] FCA 1107 File number: WAD 177 of 2017

Judge: MCKERRACHER J

Date of judgment: 19 September 2017

Catchwords: CORPORATIONS – application by Australian Securities and Investments Commission to wind up company on just and equitable grounds – provisional liquidators expressed view that company is insolvent – where provisional liquidators suspect that directors and officers of the company may have contravened the Corporations Act 2001 (Cth) – where there is a lack of confidence in the conduct and management of the company's affaires – whether to adjourn application to wind up company to allow creditors to consider a deed of company arrangement (DOCA) proposal – where provisional liquidators have filed an application to be appointed as administrators to allow DOCA proposal to be put to creditors – where provisional liquidators have provided some support for DOCA proposal – where liquidation may not prevent creditors considering DOCA proposal

Legislation: Corporations Act 2001 (Cth) ss 95A, 201A, 459A, 461(1)(k), 462(2), 464, 472(1), 588FB, 588FDA, 588G

Cases cited: Australian Securities and Investments Commission v Bilkurra Investments Pty Ltd [2016] FCA 371 Australian Securities and Investments Commission v CME Capital Australia Pty Ltd (No 2) [2016] FCA 544 Australian Securities and Investments Commission v Diploma Group Limited [2017] FCA 549 Australian Securities and Investments Commission v Kingsley Brown Properties Pty Ltd [2005] VSC 506 Galanopoulos v Moustata [2010] VSC 380 Hymix Concrete Pty Ltd v Garritty (1977) 2 ACLR 559 Quick v Stoland Pty Ltd (1998) 87 FCR 371