In the matter of Forward Horizons Capital Pty Ltd [2024] NSWSC 848

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Forward Horizons Capital Pty Ltd [2024] NSWSC 848 Hearing dates: 2 July 2024 Date of orders: 12 July 2024 Decision date: 12 July 2024 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direction that the Plaintiff is justified in proceeding on the basis that the assets realised in the liquidations are assets of the First Defendant; and on the basis that the First Defendant was the true employer of employees in the relevant corporate group. Catchwords: CORPORATIONS – Liquidation – Application for directions – ownership of assets realised in liquidation of a corporate group – which company is true employer of employees in a corporate group status of intercompany loan. Legislation Cited: - Insolvency Practice Schedule (Corporations), s 90-15 Cases Cited: - Bellinz v Commissioner of Taxation (Cth) (1998) 84 FCR 154; [1998] FCA 615 - Gatward v Alley (1940) 40 SR (NSW) 174 - Kent v SS 'Maria Luisa' (No 2) (2003) 130 FCR 12; [2003] FCAFC 93 - Re MF Global Australia (in liq) (2012) 267 FLR 27; [2012] NSWSC 994 - Re Mudgee Dolomite & Lime Pty Limited (in liq) [2021] NSWSC 1350 - Re Spitfire Corporation Ltd (in liq) and Aspirio Pty Ltd (in liq) (2022) FLR 225; (2022) 160 ACSR 394; [2022] NSWSC 340 - Resilient Investment Group Pty Ltd v Barnet and Hodkinson as liquidators of Spitfire Corporation Ltd (in liq) (2023) 111 NSWLR 446; [2023] NSWCA 118 - Simonson Properties Pty Ltd v Hardy and Another (2014) 15 ASTLR 167; [2014] NSWSC 229 - Walley, in the matter of Poles & Underground Pty Ltd (admin apptd) [2017] FCA 486 Category: Principal judgment Parties: Timothy Heesh in his capacity as liquidator of Forward Horizons Capital Pty Ltd (in liquidation), Forward Horizons Pty Ltd (in liquidation), and SHIBS Management Pty Ltd (in liquidation) (Plaintiff) Forward Horizons Capital Pty Ltd (in liquidation) (First Defendant) Forward Horizons Pty Ltd (in liquidation) (Second Defendant) SHIBS Management Pty Ltd (in liquidation) (Third Defendant) Representation: Counsel: J Pokoney (Plaintiffs)