In the matter of Catalina Genetics Genetics Pty Ltd (in liquidation) [2024] NSWSC 759

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Catalina Genetics Genetics Pty Ltd (in liquidation) [2024] NSWSC 759 Hearing dates: 13 and 20 June 2024 Date of orders: 20 June 2024 Decision date: 20 June 2024 Jurisdiction: Equity - Corporations List Before: McGrath J Decision: Winding up of the defendant terminated (see [38]) Catchwords: CORPORATIONS — winding up — application under s 482 of the Corporations Act 2001 (Cth) to terminate the winding up — where original winding up order and order appointing liquidators stayed and only to take effect upon company's failure to pay amount of debt to plaintiff by certain date — where payment by defendant failed and winding up order automatically took effect on stipulated date — where the company has taken steps to pay all creditors and reduce or transfer liabilities — where remaining creditors support the application — where the company will likely be solvent on returning to trading — where the company is engaged in a speculative business endeavour and its future financial performance cannot be accurately predicted — where the interests of the public, creditors and commercial morality favour the termination Legislation Cited: Corporations Act 2001 (Cth), s 482, Schedule 2 Cases Cited: Apostolou v VA Corporation of Australia Pty Ltd [2010] FCA 64; (2010) 77 ACSR 84 Re Glass Recycling Pty Ltd [2014] NSWSC 439 Re Modena Imports Pty Ltd (in liq); Leveraged Capital Pty Ltd (in liq) v Modena Imports Pty Ltd (in liq) [2010] NSWSC 739 Re MWM Sydney Pty Ltd (in liquidation) [2016] NSWSC 688 Re Telescriptor Syndicate Limited [1903] 2 Ch 174 Category: Principal judgment Parties: Workers Compensation Nominal Insurer (Plaintiff) Catalina Genetics Genetics Pty Ltd (in liquidation) (Defendant) John Farren-Price (Applicant) Representation: Counsel: D Edney (Applicant)