In the matter of Sails Corp Pty Ltd [2021] NSWSC 1046

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Sails Corp Pty Ltd [2021] NSWSC 1046 Hearing dates: 18 August 2021 Date of orders: 18 August 2021 Decision date: 18 August 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that the Defendant be wound up in insolvency and liquidators be appointed. Costs of the application to be costs in the winding up. Catchwords: CORPORATIONS — Winding up — Presumption of insolvency arising from unsatisfied creditor's statutory demand — Contention that company was solvent — Where defendant relies upon amount in bank account to establish solvency — Where no evidence that amount arose other than as loan to company. Legislation Cited: - Corporations Act 2001 (Cth), ss 95A, 286, 459A, 459C, 459R Cases Cited: - Bank of Western Australia Ltd v Scotia Downs Pty Ltd (2011) 87 ACSR 42; [2011] FCA 1302 - Commonwealth Broadcasting Corp Pty Ltd v Pacific Mobile Phones Pty Ltd (2008) 219 FLR 422; [2008] QSC 210 - Deputy Commissioner of Taxation v TD Preece Pty Ltd [2013] FCA 1365 - Quin v Vlahos [2021] VSCA 205 - Re Leasing Holdings Pty Ltd (formerly Charlie Lovett Pty Ltd) [2015] NSWSC 771 - Re Universal Consultants Group Pty Ltd [2016] NSWSC 1508 - TQM Design and Construct Pty Ltd v Golden Plantation Pty Ltd [2011] NSWSC 500 Category: Principal judgment Parties: Jean Pierre Christian (Plaintiff) Sails Corp Pty Ltd (Defendant) Representation: Counsel: D Allen (Plaintiff) N Bailey (Defendant)