In the matter of Integrated Green Energy Solutions Ltd (administrators appointed) [2021] NSWSC 620

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Integrated Green Energy Solutions Ltd (administrators appointed) [2021] NSWSC 620 Hearing dates: 31 May 2021 Date of orders: 2 June 2021 Decision date: 02 June 2021 Jurisdiction: Equity - Corporations List Before: Williams J Decision: See orders at [88]. Catchwords: CORPORATIONS — winding up — application for adjournment of winding up application under Corporations Act 2001 (Cth) s 440A(2) — where administrators appointed on eve of hearing of application to wind up company in insolvency — where administrators have formed the view that the company is obviously insolvent — where administrators refer to prospect of deed of company arrangement utilising loan funds, but lender has failed to provide loan funds in accordance with relevant loan agreement for previous two years — prospect of deed of company arrangement raised by company director in very vague terms — whether sufficient evidentiary basis to conclude that continuation of administration to allow administrators to investigate deed prospects is in the interests of creditors — adjournment application refused — company wound up in insolvency Legislation Cited: Corporations Act 2001 (Cth), ss 435C, 436A, 437A, 437D, 439A, 440A, 459A, 459C, 459F, 459P, 465A Supreme Court (Corporations) Rules 1999 (NSW), r 2.13 Cases Cited: In the matter of Australian Tailings Group Pty Ltd [2020] NSWSC 1543 In the matter of Bobos Engineering Australia Pty Ltd [2015] NSWSC 2027 In the matter of Glenvine Pty Ltd [2020] NSWSC 642 In the matter of Integrated Green Energy Solutions Ltd [2020] NSWSC 212 In the matter of Reed Constructions Australia Pty Ltd [2012] NSWSC 1045 Weriton Finance Pty Ltd v PNR Pty Ltd (in administration) [2012] NSWSC 1402 Category: Principal judgment Parties: Mac Wealth Holdings Pte Ltd (EUN 201 835 413M) (Plaintiff) Integrated Green Energy Solutions Ltd (ABN 23 003 669 163) (Defendant) Representation: Counsel: Mr O Jones (Plaintiff) Mr N Newton (Defendant) Mr Fitzpatrick (Directors)