In the matter of Aqua Botanical Beverages (Australia) Pty Ltd (receivers and managers appointed) [2021] NSWSC 1214

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aqua Botanical Beverages (Australia) Pty Ltd (receivers and managers appointed) [2021] NSWSC 1214 Hearing dates: 22, 23 September 2021 Date of orders: 29 September 2021 Decision date: 29 September 2021 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Declare that the appointment of the receivers was valid. Catchwords: CORPORATIONS – receivers – validity of appointment – s 418A, Corporations Act – principles at [3]-[6] – Circulating Asset – meaning of "currency of any country" at [96]-[97] – unable to certify able to pay debts when due – implied obligation to certify solvency at [129]-[134] – failure to provide books and records – failure to assist investigating expert – unable to certify solvency – appointment of receivers valid. Legislation Cited: Corporations Act 2001 (Cth) ss 293, 295, 418A Evidence Act 1995 (NSW) s 83 Personal Property Securities Act 2009 (Cth) Cases Cited: Action Scaffolding & Rigging Pty Ltd (In Liq) v Citadel Financial Corp Pty Ltd [2019] FCA 327; (2019) 135 ACSR 372 Apand Pty Ltd v The Kettle Chip Co Pty Ltd (1994) 52 FCR 474 Bunbury Foods Pty Ltd v National Bank of Australasia Ltd (1984) 153 CLR 491; [1984] HCA 10 Canberra Advance Bank Ltd v Benny (1992) 38 FCR 427 Chief Commissioner of State Revenue v Adams Bidco Pty Ltd [2019] NSWCA 34 Commonwealth v Verwayen (1990) 170 CLR 394; [1990] HCA 39 Goldus Pty Ltd v Cummins (No 4) [2021] FCA 1095 Ilich v The Queen (1987) 162 CLR 110; [1987] HCA 1 Jones v Dunkel (1959) 101 CLR 298; [1959] HCA 8 Lahoud v Lahoud [2009] NSWSC 623 Leask v The Commonwealth (1996) 187 CLR 579; [1996] HCA 29 Lend Lease Real Estate Investments Ltd v GPT RE Ltd [2006] NSWCA 207 Native Bond Pty Ltd v Cant [2015] VSC 203 Northway Panels v Warry [2018] VSC 581 Payne v Parker [1976] 1 NSWLR 191 RHG Mortgage Limited v Rosario Ianni [2015] NSWCA 56 Rudi's Enterprises Pty Ltd v Jay (1987) 10 NSWLR 568 Texts Cited: Accounting Standard AASB 1057 Category: Principal judgment Parties: David Driver (First Plaintiff) Ambrosios Kambouris (Second Plaintiff) Petr Vrsecky and Jason Stone (First Defendant) Botanical Water Technologies Pty Ltd (Second Defendant) Representation: Counsel: Mr D Thomas SC / Mr H Atkin (Plaintiffs) Submitting appearance (First Defendant) Mr J Evans QC / Mr A Purton (Second Defendant)