In the matter of Loreno Pty Ltd [2024] NSWSC 1081

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Loreno Pty Ltd [2024] NSWSC 1081 Hearing dates: 19 August 2024 Date of orders: 27 August 2024 Decision date: 27 August 2024 Jurisdiction: Equity - Corporations List Before: Nixon J Decision: See [75] Catchwords: CORPORATIONS – deregistration by ASIC – application for reinstatement – where company was deregistered by ASIC pursuant to s 601AB of Corporations Act 2001 (Cth) at a time when the sole director was in aged care – where company held substantial assets at time of deregistration – reinstatement ordered – ancillary orders made for appointment of directors – where potential capital gains tax liability as a result of divestment and revesting of property – ancillary orders sought deeming company to have remained owner of property during period of deregistration – whether orders are within power and should be made Legislation Cited: Corporations Act 2001 (Cth), ss 601AB, 601AD, 601AE, 601AH Cases Cited: In the matter of Garfox 86 Pty Ltd [2019] NSWSC 442 In the matter of LCW Property Holdings Pty Ltd (deregistered) [2020] NSWSC 71 In the matter of Likehart Pty Ltd (deregistered) [2017] NSWSC 884 Liberty International Underwriters v Australian Securities and Investments Commission, in the matter of Moore Murphy Holdings Pty Ltd [2021] FCA 103 Nicholls (Trustee) v Australian Securities and Investments Commission, in the matter of Lawson [2023] FCA 1368 Owners of Strata Plan No 91349 v Australian Securities and Investment Commission [2020] NSWSC 685 Pherous Holdings Group Pty Ltd, in the matter of Pherous Holdings Group Pty Ltd [2022] FCA 613 Re ERB International Pty Ltd (deregistered) (2014) 283 FLR 223; [2014] NSWSC 200 The Bell Group Limited v Australian Securities and Investments Commission [2018] FCA 884 White v Baycorp Advantage Business Information Services Ltd [2006] NSWSC 441 Yi Li v Australian Securities and Investments Commission [2024] NSWSC 514 Category: Principal judgment Parties: Giorgio Donazzolo (Plaintiff) Australian Securities and Investments Commission (Defendant) Representation: Counsel: E Finnane (Plaintiff)