Connelly (Liquidator), in the matter of Samgris Resources Pty Ltd (In Liq) [2018] FCA 1814

FEDERAL COURT OF AUSTRALIA

Connelly (Liquidator), in the matter of Samgris Resources Pty Ltd (In Liq) [2018] FCA 1814 File number: QUD 290 of 2018

Judge: REEVES J

Date: 5 July 2018

Date of publication of reasons: 18 January 2019

Catchwords: CORPORATIONS – application seeking orders that particular dispositions of property of the company are not void under s 468(1) of the Corporations Act 2001 (Cth) (the Act) – where the company was wound up but the winding up order was stayed for a period of time – where, because the company remained solvent and under the control of its directors, the company entered into multiple transactions during the stay period – where these transactions were deemed void as a result of ss 468(1) and 513A(e) of the Act from the date the winding up order was made – where the transactions were for the supply of goods or services which benefited the company and would be near impossible to reverse – the principles to be applied by courts when making validation orders under s 468(1) of the Act

Legislation: Companies (New South Wales) Code s 368 Companies (Queensland) Code s 368 Corporations Act 2001 (Cth) ss 461, 468, 513A

Cases cited: Allways Resources Holdings Pty Ltd & Anor v Samgris Resources Pty Ltd & Anor [2017] QSC 74 Allways Resources Holdings Pty Ltd & Anor v Samgris Resources Pty Ltd & Anor [2017] QSC 112 Asia Pacific Joint Mining Pty Ltd v Allways Resources Holdings Pty Ltd & Ors [2018] QCA 48 Jardio Holdings Pty Ltd v Dorcon Constructions Pty Ltd (1984) 3 FCR 311 National Acceptance Corporation Pty Ltd v Benson (1988) 12 NSWLR 213 Re Allan Fitzgerald Pty Ltd (In Liq) [1989] 2 Qd R 495 Tellsa Furniture Pty Ltd (In Liq) v Glendave Nominees Pty Ltd (1987) 9 NSWLR 254