In the matter of L&B Seafood Pty Ltd [2022] NSWSC 100

Supreme Court New South Wales

Medium Neutral Citation: In the matter of L&B Seafood Pty Ltd [2022] NSWSC 100 Hearing dates: 17 December 2020 Date of orders: 11 February 2022 Decision date: 11 February 2022 Jurisdiction: Equity - Corporations List Before: Henry J Decision: The First Defendant/Second Cross-Defendant is to be wound up and Mr Grahame Robert Ward is to be appointed as the liquidator of the First Defendant/Second Cross-Defendant. This order is to be stayed to 10am on 18 February 2022. Cross-summons is dismissed. Catchwords: CORPORATIONS – oppression – whether conduct of shareholder and director in dealing with suppliers is oppressive – whether director preferred interests of another business – grounds of oppression not established – no buy out order granted CORPORATIONS – winding up – application to wind up on just and equitable grounds – where breakdown of relations and loss of confidence between equal shareholders and directors in quasi-partnership – irretrievable breakdown of relationship – winding up order made Legislation Cited: Corporations Act 2001 (Cth), ss 232, 233, 461 Fair Work Act 2009 (Cth) Superannuation Guarantee (Administration) Act 1992 (Cth) Taxation Administration Act 1953 (Cth) Cases Cited: Accurate Financial Consultants Pty Ltd v Koko Black Pty Ltd [2008] VSCA 86 ASIC v Rich (2009) 236 FLR 1; [2009] NSWSC 1229 Australian Institute of Fitness Pty Ltd v Australian Institute of Fitness (Vic/Tas) Pty Ltd (No 3) [2015] NSWSC 1639 Australian Securities and Investments Commission v Plymin (No 1) [2003] VSC 123 Catalano v Managing Australia Destinations Pty Ltd [2014] FCAFC 55 Corbett v Corbett Court Pty Ltd [2015] FCA 1176 Cumberland Holdings Ltd v Washington H Soul Pattinson & Co Ltd (1977) 13 ALR 561 Dasreef Pty Limited v Hawchar (2011) 243 CLR 588; [2011] HCA 21 Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd [2001] NSWCA 97 Ho v Powell (2001) 51 NSWLR 572; [2001] NSWCA 168 In the matter of Bicher & Son Pty Ltd [2020] NSWSC 711 In the matter of Pure Nature Sydney Pty Ltd [2018] NSWSC 914 Jenkins v Enterprise Gold Mines NL (1992) ACSR 539 Joint v Stephens [2008] VSCA 210 Lewis v VI SA Australia Pty Ltd [2008] FCA 1801 Makita (Australia) Pty Ltd v Sprowles (2001) 52 NSWLR 705 MMAL Rentals Pty Ltd v Bruning [2004] NSWCA 451 Morgan v 45 Flers Avenue Pty Ltd (1986) 10 ACLR 692 Mudgee Dolomite & Lime Pty Ltd v Murdoch; In the matter of Mudgee Dolomite & Lime Pty Ltd [2020] NSWSC 1510 Munstermann v Rayward [2017] NSWSC 133 Re Amazon Pest Control Pty Ltd [2012] NSWSC 1568 Re Austral Alloys Pty Ltd [2017] NSWSC 1833 Re Bromesley Pty Ltd (Receiver and Manager Appointed) [2017] NSWSC 295 Re Catombal Investments Pty Ltd [2012] NSWSC 775 Re Crow Inn Pty Ltd (No 2) [2020] NSWSC 1749 Re Glen Elgin Retreat Pty Ltd [2019] NSWSC 1395 Re Ledir Enterprises Pty Ltd [2013] NSWSC 1332 Re Owies Family Trust [2020] VSC 716 Sassine v Ray & Sons Construction Pty Ltd [2012] NSWSC 1307 Scientific Management Associates Pty Ltd [2019] NSWSC 1643 Tomanovic v Argyle HQ Pty Ltd [2010] NSWSC 152 Tomanovic v Global Mortgage Equity Corporation Pty Ltd [2011] NSWCA 104 Wayde v New South Wales Rugby League Ltd (1985) 180 CLR 459 Texts Cited: Ford, Austin & Ramsay's Principles of Corporations Law (Looseleaf, LexisNexis, October 2021) Category: Principal judgment Parties: Bo Yu (Plaintiff/First Cross-Defendant) L&B Seafood Pty Ltd ACN 606 099 174 (First Defendant/Second Cross-Defendant) Lei Ding (Second Defendant/Cross-Claimant) Representation: Counsel: T Cleary with A Wilson (Plaintiff/First Cross-Defendant) C D Wood SC with M Darian-Smith (Second Defendant)