In the matter of i-Prosperity Capital Pty Ltd (ACN 605 317 360) [2020] NSWSC 1116

Supreme Court New South Wales

Medium Neutral Citation: In the matter of i-Prosperity Capital Pty Ltd (ACN 605 317 360) [2020] NSWSC 1116 Hearing dates: 20 July 2020 Date of orders: 20 July 2020 Decision date: 20 July 2020 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Refuse application under section 440A(2) to adjourn proceedings to appoint liquidator; no costs order. Catchwords: CORPORATIONS — Winding up — Application to adjourn proceedings — Administrators appointed shortly before hearing — administrators also appointed to 11 other companies in corporate group — no suggestion of a deed of company arrangement — benefit of adjournment suggested to be investigation across corporate group to locate and secure assets – whether in interests of creditors – not a relevant benefit for s 440A(2) — Adjournment refused. Legislation Cited: Corporations Act 2001 (Cth), ss 435A 436A, 440A(2), 440J, 459S, 513A, 513C Cases Cited: Creevey v Deputy Commissioner of Taxation (1996) 19 ACSR 456 Deputy Commissioner of Taxation v Barroleg Pty Ltd (1997) 25 ACSR 167 Deputy Commissioner of Taxation v Bradley Keeling Management Pty Limited (2003) 44 ACSR 377; [2003] NSWSC 47 Deputy Commissioner of Taxation v Choice Design Homes Pty Limited [1999] NSWSC 589 In the matter of Cresco Opus Fund No 4 Pty Limited (Administrator Appointed) [2019] NSWSC 941 In the Matter of El Zorro Transport Pty Ltd [2013] NSWSC 1082 In the Matter of Offshore & Ocean Engineering Pty Ltd [2012] NSWSC 1296 Re Plutus Payroll Australia Pty Limited [2017] NSWSC 1041 TCS Management Pty Limited v CTTI Solutions Pty Limited [2001] NSWSC 830 Unifor Office Systems Aust. Pty Ltd v Brewer Partnership Pty Ltd (1999) 17 ACLC 642 Waste Recycling and Processing Services of New South Wales v Local Government Recycling Co-operative Ltd (1999) 32 ACSR 194 Weriton Finance Pty Ltd v PNR Pty Ltd (in administration); Australian Residential and Commercial Finance Pty Ltd v PNR Pty Ltd (in administration) (2012) 92 ACSR 88; [2012] NSWSC 1402 Category: Principal judgment Parties: Liyun Liu (Plaintiff) i-Prosperity Capital Pty Limited (Defendant) Representation: Counsel: Mr D Greenberg, Solicitor (Plaintiff) Mr M Rose (Defendant)