In the matter of Parkmeng Pty Ltd [2024] NSWSC 157

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Parkmeng Pty Ltd [2024] NSWSC 157 Hearing dates: 13 February 2024 Date of orders: 13 February 2024 Decision date: 13 February 2024 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that Parkmeng Pty Ltd be wound up. Catchwords: CORPORATIONS – winding up – insolvency – application by substituted creditor – service of creditor's statutory demand – failure to comply with creditor's statutory demand – whether presumption of insolvency negatived. Legislation Cited: - Corporations Act 2001 (Cth) ss 109X, 459C, 459P, 465B, 466(2), 467(3)(b), 600G Cases Cited: - 640 Esplanade Pty Ltd v Splash Bay Pty Ltd (No 2) (2017) 247 FCR 519; [2017] FCA 89 - Australian Securities and Investments Commission v Lanepoint Enterprises Pty Ltd (2011) 244 CLR 1; [2011] HCA 18 - Re C2C Investments Pty Ltd (No 9) [2013] NSWSC 269 - Sandy's Swim Pty Ltd v Morgan [2022] FCA 1574 Category: Principal judgment Parties: BECL Strategy Holding Ltd (Plaintiff) Parkmeng Pty Ltd (Defendant) Representation: Counsel: J Burnett (Plaintiff) L. Gerges (Solicitor - Defendant)

Solicitors: King & Wood Mallesons (Plaintiff) Pope & Spinks (Defendant) File Number(s): 2023/198856

Judgment – ex tempore (revised 13 february 2024)

Nature of the application 1. The Plaintiff, BECL Strategy Holding Ltd ("BECL") as substituted creditor, seeks an order for the winding up of Parkmeng Pty Ltd ("Parkmeng") in insolvency. I will first set out the chronology of the proceedings and the affidavit evidence on which BECL relies, before turning to the submissions made by Mr Burnett, who appears for BECL, and by Ms Gerges, who appears for Parkmeng, and a determination of the matter, which need only address a lesser range of matters than were addressed by the parties in submissions.