In the matter of Sails Corp Pty Ltd [2021] NSWSC 1241

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Sails Corp Pty Ltd [2021] NSWSC 1241 Hearing dates: 23 September 2021 Date of orders: 23 September 2021 Decision date: 23 September 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made terminating the winding up. Catchwords: CORPORATIONS — Winding up — Application under s 482 of the Corporations Act 2001 (Cth) to terminate a winding up — Whether company is and will be solvent in future — Where loan agreement entered into with related company — Whether conduct was contrary to commercial morality or the public interest — Where director withdrew funds from company prior to appointment of liquidator — Whether to impose condition that default judgments, presently under challenge, be paid — Whether to terminate winding up. Legislation Cited: - Corporations Act 2001 (Cth), s 482 Cases Cited: - Mercy & Sons Pty Ltd v Wanari Pty Ltd (2000) 35 ACSR 70; [2000] NSWSC 756 - Re Glass Recycling Pty Ltd [2014] NSWSC 439 - Re MWM Sydney Pty Ltd (in liq) [2016] NSWSC 688 - Re SNL Group Pty Ltd [2010] NSWSC 797 - Re Spartan Pastoral Company Pty Limited (in liq) [2020] NSWSC 1218 - Re Warbler Pty Ltd (1982) 6 ACLR 526 - Vero Workers Compensation (NSW) Ltd v Ferretti (2006) 57 ACSR 103; [2006] NSWSC 292 Category: Procedural rulings Parties: Leo Shi Ran Fang (Applicant) Sails Corp Pty Ltd (in liquidation) (Respondent) Representation: Counsel: S Golledge SC/N Bailey (Applicant) A Gerard (First Respondent and Liquidators) D Allen (Second Respondent)