Fairway Trading Pty Ltd (in liq) v Ioricorp Pty Ltd; Vina Australasia Pty Ltd (in liq) v Ioricorp Pty Ltd [2020] NSWSC 1804

Supreme Court New South Wales

Medium Neutral Citation: Fairway Trading Pty Ltd (in liq) v Ioricorp Pty Ltd; Vina Australasia Pty Ltd (in liq) v Ioricorp Pty Ltd [2020] NSWSC 1804 Hearing dates: 8 December 2020 Date of orders: 14 December 2020 Decision date: 14 December 2020 Jurisdiction: Common Law Before: Wright J Decision: In proceedings 2019/00277473, Fairway Trading Pty Ltd v Ioricorp Pty Ltd (the Fairway Proceedings): (1) Pursuant to section 601AH(2) of the Corporations Act 2001 (Cth), the Australian Securities and Investments Commission is to reinstate the registration of Fairway Trading Pty Ltd. (2) On and from the reinstatement of Fairway Trading Pty Ltd Mr Frank Lopilato of RSM Australia Partners is reappointed as liquidator of the company. (3) Pursuant to section 440D of the Corporations Act 2001 (Cth), leave is retrospectively granted to commence the Fairway Proceedings on 5 September 2019 and to continue those proceedings. (4) Pursuant to section 601AH(3) of the Corporations Act 2001 (Cth), anything done or purported to be done by or on behalf of Fairway Trading Pty Ltd in respect of the Fairway Proceedings during the period when Fairway Trading Pty Ltd was deregistered is hereby validated. (5) To the extent that any formal requirements of the Supreme Court (Corporations) Rules 1999 or the Corporations Regulations 2001 (Cth) are applicable in relation to the making of these orders in the circumstances and have not been complied with, compliance with those requirements is dispensed with. (6) The costs of the motion are costs in the cause. In proceedings 2019/00277475, Vina Australasia Pty Ltd v Ioricorp Pty Ltd (the Vina Proceedings): (1) Pursuant to section 601AH(2) of the Corporations Act 2001 (Cth), the Australian Securities and Investments Commission is to reinstate the registration of Vina Australasia Pty Ltd. (2) On and from the reinstatement of Vina Australasia Pty Ltd Mr Frank Lopilato of RSM Australia Partners is reappointed as liquidator of the company. (3) Pursuant to section 440D of the Corporations Act 2001 (Cth), leave is retrospectively granted to commence the Vina Proceedings on 5 September 2019 and to continue those proceedings. (4) Pursuant to section 601AH(3) of the Corporations Act 2001 (Cth), anything done or purported to be done by or on behalf of Vina Australasia Pty Ltd in respect of the Vina Proceedings during the period when Vina Australasia Pty Ltd was deregistered is hereby validated. (5) To the extent that any formal requirements of the Supreme Court (Corporations) Rules 1999 or the Corporations Regulations 2001 (Cth) are applicable in relation to the making of these orders in the circumstances and have not been complied with, compliance with those requirements is dispensed with. (6) The costs of the motion are costs in the cause. Catchwords: CORPORATIONS – Application for reinstatement of companies – Companies' property damaged by fire – Insurer paid out claims – Companies wound up and deregistered – Insurer subrogated to rights of the companies against defendant allegedly responsible for fire – Proceedings commenced by insurer in companies' names without being aware of deregistration – In principle agreement reached to settle proceedings – Reregistration ordered to facilitate resolution of proceedings Legislation Cited: Corporations Act 2001 (Cth) Corporations Regulations 2001 (Cth) Limitation Act 1969 (NSW) Supreme Court (Corporations) Rules 1999 (NSW) Cases Cited: Arogen v Leighton [2013] NSWSC 1099 The Bell Group Limited v Australian Securities and Investments Commission [2018] FCA; 358 ALR 624 The Owners of Strata Plan No 91349 v Australian Securities and Investments Commission [2020] NSWSC 685; 147 ACSR 456 Category: Procedural and other rulings Parties: Proceedings 2019/277473 Fairway Trading Pty Ltd (in liq) (Plaintiff) Ioricorp Pty Ltd (Defendant)