In the matter of Vietnam Industrial Investments Pty Ltd [2022] NSWSC 1411

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Vietnam Industrial Investments Pty Ltd [2022] NSWSC 1411 Hearing dates: 30 September 2022 Date of orders: 30 September 2022 Decision date: 30 September 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Adjournment refused. The defendant be wound up in insolvency, with associated orders. Catchwords: CORPORATIONS — Winding up — Court ordered winding up — Application to adjourn a winding up application — Where a winding up application is brought against an Australian company which holds shares in entities incorporated in Singapore, which in turn hold shares in other companies incorporated in Vietnam — Where the Australian company seeks an adjournment of the winding up application on the basis that it hopes to access restructuring relief in Singapore. CORPORATIONS — Winding up — Statutory demand — Failure to comply with statutory demand — Whether Australian company should be wound up under s 459A of the Corporations Act 2001 (Cth). Legislation Cited: - Corporations Act 2001 (Cth), s 201A, s 459A, s 470, s 440A(2). Cases Cited: - Australian Securities and Investments Commission v Lanepoint Enterprises Pty Ltd (recs and mgrs apptd) (2011) 244 CLR 1; [2011] HCA 18 - Legend International Holdings Inc (in liq) v Indian Farmers Fertilizer Cooperative Ltd (2016) 52 VR 40; [2016] VSCA 151 - Re ENA Developments Pty Ltd [2022] NSWSC 54 - Re Hydrodec Group Plc [2021] NSWSC 755 - Re Offshore & Ocean Engineering Pty Ltd [2012] NSWSC 1296 - Re Trinity Constructions (Aust) Pty Ltd (Admin Apptd) [2021] NSWSC 1277 Category: Principal judgment Parties: Malayan Banking Berhad (a licenced bank incorporated in Malaysia with Company No 196001000142) (Plaintiff) Vietnam Industrial Investments Pty Ltd (Defendant) Representation: Counsel: N M Bender (Plaintiff) J Giles SC (Defendant)