In the matter of Fitzgerald Housing Limited (Restructuring Practitioner Apptd) [2023] NSWSC 1481

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Fitzgerald Housing Limited (Restructuring Practitioner Apptd) [2023] NSWSC 1481 Hearing dates: 28 November 2023 Date of orders: 28 November 2023 Decision date: 28 November 2023 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that the defendant be wound up in insolvency and the plaintiff's costs be reimbursed out of the property of the defendant. Catchwords: CORPORATIONS — Practice and procedure — Application to adjourn winding up application under Corporations Act 2001 (Cth) s 453Q to advance a restructuring — Where analysis by restructuring practitioner as to advantages of a restructuring lacks evidentiary support — Whether it is in the interests of the company's creditors for the company to continue under restructuring rather than be wound up. CORPORATIONS — Practice and procedure — Where defendant seeks to file an amended grounds of opposition to a winding up that relies on matters previously raised in an interlocutory process brought under Corporations Act 2001 (Cth) s 459S — Whether the defendant can now contest the debt so as to deny the plaintiff's standing to bring a winding up application. Legislation Cited: - Civil Procedure Act 2005 (NSW), s 56 - Corporations Act 2001 (Cth), Pts 5.3A, 5.3B, 5.4, ss 440A, 453B, 453Q, 459C, 459P, 459R, 459S - Property and Stock Agents Act 2002 (NSW), s 8 - Property, Stock and Business Agents Act 2002 (NSW) - Service and Execution of Process Act 1992 (Cth) Cases Cited: - Australian Securities & Investments Commission v Lanepoint Enterprises Pty Ltd (2011) 244 CLR 1; [2011] HCA 18 - Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 485 - BHP Billiton Iron Ore Pty Ltd v National Competition Council (2007) 162 FCR 234; [2007] FCAFC 157 - Biron Capital Ltd v Velowing [2003] NSWSC 1181 - Deputy Commissioner of Taxation v Fyna Construction (Hire & Sales) Pty Ltd (admins apptd) [2019] FCA 578 - Deputy Commissioner of Taxation v Pope Joan Hospitality Pty Ltd (Restructuring Practitioner Apptd) [2023] FCA 872 - Frugtniet v Australian Securities and Investments Commission (2017) 255 FCR 96; [2017] FCAFC 162 - Grant Thornton Services (NSW) Pty Ltd v St George Wholesale Distributors Pty Ltd [2008] FCA 1777 - Ming Tian Real Property Pty Limited v SGS Platinum Pty Limited (2020) 145 ACSR 329; [2020] NSWSC 212 - Perpetual Nominees Ltd v Masri Apartments Pty Ltd (2004) 49 ACSR 719 - Re Brew Still Pty Ltd (admin apptd) [2023] NSWSC 256 - Re Dessco Pty Ltd [2021] VSC 94 - Re DST Project Management and Construction Pty Ltd [2021] VSC 108 - Re Kornucopia Pty Ltd [2020] VSC 7 - Re Pegasus Capital Management Pty Limited [2011] NSWSC 570 - Remuneration Data Base Pty Limited v Pauline Goodyer Real Estate Pty Limited [2007] NSWSC 59 - Re Tomic Industries Pty Ltd [2012] NSWSC 1478 Texts Cited: F Assaf, Assaf's Winding Up in Insolvency (LexisNexis, 3rd ed, 2021) Category: Principal judgment Parties: The Trustee for the June Ellen Investment Trust (Plaintiff) Fitzgerald Housing Limited (Defendant) Representation: Counsel: R Boadle (Plaintiff) A Vernier (Defendant)